§262r–3 Reports on Financial Stabilization Programs Led by International Monetary Fund in Connection with Financing From Exchange Stabilization Fund

Summary

Requires the Secretary of the Treasury, working with the Secretary of Commerce and other federal agencies, to write reports about IMF-led stabilization programs in countries where the United States has promised or given money from the Exchange Stabilization Fund (31 U.S.C. 5302). The reports must describe the countries’ economic condition (including money, fiscal, and exchange-rate policies); how well they are doing IMF-required banking and financial reforms (for example, keeping bank lending commercial, stopping government interference in bank decisions except for safety rules, passing reform laws, improving oversight and transparency, and opening capital markets); steps on corporate governance and bans on special bailouts for certain industries; moves to deregulate, privatize, and open markets to trade and foreign investment; trade policies and any harm to the United States; how private creditors are sharing losses or rescheduling debt; whether policies balance stabilization with growth, environment, and social fairness; any effects on core worker rights and patterns of rights abuses; and the exact amounts, interest rates, and payment and disbursement schedules for funds the U.S. provided from the Exchange Stabilization Fund and for funds the IMF provided to those countries. The first report was due by March 15, 1999, and then reports must be sent every six months to the House Committees on Banking and Financial Services, Ways and Means, and International Relations, and to the Senate Committees on Finance, Foreign Relations, and Banking, Housing, and Urban Affairs.