It is the policy of the United
States to work to implement reforms in the International Monetary Fund
(IMF) to achieve the following goals:
(1) Lending from the general resources
of the Fund should concentrate chiefly on short-term balance of payments
financing.
(2) Use of
medium- term lending from the general resources of the Fund should
be limited to a set of well-defined circumstances, such as—
(A) when
a member’s balance of payments problems will be protracted;
(B) such member has a strong
structural reform program in place; and
(C) the member has little or no access
to private sources of capital.
(3) Premium pricing should be introduced
for lending from the general resources of the Fund, for greater than
200 percent of a member’s quota in the Fund, to discourage excessive
use of Fund lending and to encourage members to rely on private financing
to the maximum extent possible.
(4) The Fund should have in place and apply
systematically a strong framework of safeguards and measures to respond
to, correct, and discourage cases of misreporting of information in
the context of a Fund program, including—
(A) suspending Fund
disbursements and ensuring that Fund lending is not resumed to members
that engage in serious misreporting of material information until
such time as remedial actions and sanctions, as appropriate, have
been applied;
(B)
ensuring that members make early repayments, where appropriate, of
Fund resources disbursed on the basis of misreported information;
(C) making public cases
of serious misreporting of material information;
(D) requiring all members receiving
new disbursements from the Fund to undertake annually independent
audits of central bank financial statements and publish the resulting
audits; and
(E) requiring
all members seeking new loans from the Fund to provide to the Fund
detailed information regarding their internal control procedures,
financial reporting and audit mechanisms and, in cases where there
are questions about the adequacy of these systems, undertaking an
on-site review and identifying needed remedies.
[22 USC 286oo. As added by act of Nov. 6, 2000 (114 Stat. 1900A-67).]
