The Congress hereby finds that
Communist dictatorships result in severe constraints on labor and
capital mobility and other highly inefficient labor and capital supply
rigidities which contribute to balance of payments deficits in direct
contradiction of the goals of the International Monetary Fund. Therefore,
the Secretary of the Treasury shall instruct the United States Executive
Director of the Fund to actively oppose any facility involving use
of Fund credit by any Communist dictatorship, unless the Secretary
of the Treasury certifies and documents in writing upon request and
so notifies and appears, if requested, before the Foreign Relations
and Banking, Housing, and Urban Affairs Committees of the Senate and
the Banking, Finance and Urban Affairs Committee of the House of Representatives,
at least twenty-one days in advance of any vote on such drawing that
such drawing —
(1) provides the basis for correcting the
balance of payments difficulties and restoring a sustainable balance
of payments position;
(2) would reduce the severe constraints on labor and capital mobility
or other highly inefficient labor and capital supply rigidities and
advances market-oriented forces in that country; and
(3) is in the best economic interest of
the majority of the people in that country.
Should the Secretary not meet a request to appear before
the aforementioned committees at least twenty-one days in advance
of any vote on any facility involving use of Fund credit by any communist
dictatorship and certify and document in writing that these three
conditions have been met, the United States Executive Director shall
vote against such program.
[22 USC 286aa. As added
by act of Nov. 30, 1983 (97 Stat. 1270) and amended by act of Nov.
23, 1993 (107 Stat. 1505).]
