(a) In order to help assure
that the resources provided under section 41 are used to support pro-growth
policies which will help establish the economic conditions necessary
for more appropriate financial and exchange rate alignment and stability,
it is the sense of Congress that the Secretary of the Treasury shall—
(1) in consultation with the
Secretary of State and the United States Trade Representative, initiate
discussions with other countries regarding the economic dislocations
which result from structural exchange rate imbalances; and
(2) instruct the United States
Executive Director of the Fund to work for adoption of policies in
the Fund, both within the framework of article IV (of the Articles
of Agreement of the Fund) consultations and with respect to the conditions
associated with Fund-supported balance of payments adjustments programs,
which promote conditions contributing to the stability of exchange
rates and avoid the manipulation of exchange rates between major currencies.
Among other initiatives, the Secretary of the Treasury shall propose
strengthening the article IV consultation procedures of the Fund to
attempt to ensure that countries which are artificially maintaining
undervalued or overvalued rates of exchange agree to adopt market
determined exchange rates.
(b) In determining his vote on extensions of assistance to any Fund
borrower, the United States Executive Director of the Fund shall take
into account whether such borrower’s policies are consistent with
the requirements of article IV of the Articles of Agreement of the
Fund.
[22
USC 286y. As added by act of Nov. 30, 1983 (97 Stat. 1267).]
