§286mm Measures to Reduce Military Spending by Developing Nations

Summary

The United States Executive Director at the Fund must press the Fund, working with the Bank, to create a clear economic way to measure how much each developing country spends on its military. The Secretary of the Treasury must report on the Fund’s progress to the House Committee on Banking, Finance and Urban Affairs and to the Senate Committees on Banking, Housing, and Urban Affairs and on Foreign Relations no later than 1 year after October 24, 1992. Starting in 1994, the U.S. Executive Director must urge the Fund to give the Fund’s Executive Board yearly estimates of each developing country’s military spending for the prior calendar year (or the most recently completed fiscal year if it is not a calendar year), by the date of the annual fall Interim and Development Committee meetings. At the same time, the U.S. Executive Director must push the Fund to include that same year’s military spending analysis in every Article IV consultation with a developing country.