(a) The Secretary of the Treasury
is authorized to instruct the United States Executive Director of
the Fund to vote to approve the sale of up to 12,965,649 ounces of
the Fund’s gold acquired since the second Amendment to the Fund’s
Articles of Agreement, only if such sales are consistent with the
guidelines agreed to by the Executive Board of the Fund described
in the Report of the Managing Director to the International Monetary
and Financial Committee on a New Income and Expenditure Framework
for the International Monetary Fund (April 9, 2008) to prevent disruption
to the world gold market: Provided, That at least 30 days prior to
any such vote, the Secretary shall consult with the appropriate congressional
committees regarding the use of proceeds from the sale of such gold:
Provided further, That the Secretary of the Treasury shall seek to
ensure that:
(1) the Fund will provide
support to low-income countries that are eligible for the Poverty
Reduction and Growth Facility or other low-income lending from the
Fund by making available Fund resources of not less than $4,000,000,000;
(2) such Fund resources
referenced above will be used to leverage additional support by a
significant multiple to provide loans with substantial concessionality
and debt service payment relief and/or grants, as appropriate to a
country’s circumstances;
(3) support provided through forgiveness of interest on concessional
loans will be provided for not less than two years; and
(4) the support provided to
low-income countries occurs within six years, a substantial amount
of which shall occur within the initial two years.
(b) In addition to agreeing to and accepting
the amendments referred to in section 286pp of this title relating
to the use of proceeds from the sale of such gold, the United States
Governor is authorized, consistent with subsection (a), to take such
actions as may be necessary, including those referred to in section
286c (e) of this title, to also use such proceeds for the purpose
of assisting low-income countries.
[22 USC 286rr.]
