(a) It is the sense of the Congress
that—
(1) the lack of sufficient
information currently available to allow members of the Fund to make
sound and prudent decisions concerning their public and private sector
international borrowing, and to allow lenders to make sound and prudent
decisions concerning their international lending, threatens the stability
of the international monetary system; and
(2) in recognition of the Fund’s duties,
as provided particularly by article VIII of the Articles of Agreement
of the Fund, to act as a center for the collection and exchange of
information on monetary and financial problems, the Fund should adopt
necessary and appropriate measures to ensure that more complete and
timely financial information will be available.
1-501.14
(b) To this end, the Secretary of the Treasury shall instruct the
United States Executive Director of the Fund to initiate discussions
with other directors of the Fund and with Fund management, and to
propose and vote for, the adoption of procedures, within the Fund—
(1) to collect and disseminate
information, on a quarterly basis, from and to Fund members, and to
such other persons as the Fund deems appropriate, concerning—
(A) the
extension of credit by banks or nonbanks to private and public entities,
including all government entities, instrumentalities, and central
banks of member countries; and
(B) the receipt of such credit by those
private and public entities of member countries, where such banks
or nonbanks are not principally established within the borders of
the member country to which the credits are extended; and
(2) to disseminate publicly
information which is developed in the course of the Fund’s collection,
and to review and comment on efforts which the Fund determines would
serve to enhance the informational base upon which international borrowing
and lending decisions are taken.
1-501.15
(c) For purposes
of this section, the term “credit” includes—
(1) outstanding loans to private and public
entities, including government entities, instrumentalities, and central
banks of any member, and
(2) unused lines of credit which have been made available to those
private and public entities of any member,
where such loans or lines of credit are repayable in freely convertible
currency.
1-501.16
(d) The President
is authorized to use the authority provided under section 8 of this
Act to require any person (as defined in such section) subject to
the jurisdiction of the United States to provide such information
as the Fund determines to be necessary in order to carry out the provisions
of this section.
[22 USC 286z. As added
by act of Nov. 30, 1983 (97 Stat. 1269).]
