§286mm Measures to Reduce Military Spending by Developing Nations

Summary

The U.S. Executive Director at the International Monetary Fund (IMF) must push the IMF, together with the Bank, to create a practical way to measure how much each developing country spends on its military. The Secretary of the Treasury must report on the progress of that work to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and to the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate by October 24, 1993. Starting in 1994, the U.S. Executive Director must urge the IMF to give the Executive Board yearly estimates of each developing country’s military spending for the immediately preceding calendar year (or the country’s most recently completed fiscal year if it does not use the calendar year). Those reports must be provided by the date of the annual fall Interim and Development Committee meetings. No later than the first of those reports, the U.S. Executive Director must also press the IMF to include an analysis of the same military spending in every Article IV consultation with a developing country.