Page:United States Statutes at Large Volume 103 Part 2.djvu/292

 103 STAT. 1302 PUBLIC LAW 101-179—NOV. 28, 1989 TITLE I—STRUCTURAL ADJUSTMENT Banks and banking. 22 USC 5411. Exports. Agriculture and agricultured commodities. International organizations. SEC. 101. MULTILATERAL SUPPORT FOR STRUCTURAL ADJUSTMENT IN POLAND AND HUNGARY. (a) MULTILATERAL ASSISTANCE FOR POLAND AND HUNGARY.— (1) IN GENERAL.— To the extent that Poland and Hungary continue to evolve toward pluralism and democracy and to develop and implement comprehensive economic reform pro- grams, the United States Government shall take the leadership in mobilizing international financial institutions, in particular the International Monetary Fund and the International Bank for Reconstruction and Development and its affiliated institu- tions in the World Bank group, to provide timely and appro- priate resources to help Poland and Hungary. (2) WORLD BANK STRUCTURAL ADJUSTMENT LOAN FOR POLAND. — In furtherance of paragraph (1), the Secretary of the Treasury shall direct the United States Executive Director of the Inter- national Bank for Reconstruction and Development to urge expeditious approval and disbursement by the Bank of a struc- tural adjustment loan to Poland in an appropriate amount in time to facilitate the implementation of major economic reforms scheduled for early 1990, including the termination of energy, export, and agricultural subsidies and wage indexation. (b) STABIUZATION ASSISTANCE, DEBT RELIEF, AND AGRICULTURAL ASSISTANCE FOR POLAND.— To the extent that Poland continues to evolve toward pluralism and democracy and to develop and imple- ment comprehensive economic reform programs, the United States Government shall do the following: (1) STABIUZATION ASSISTANCE. — The United States Govern- ment, in conjunction with other member governments of the Organization of Economic Cooperation and Development (OECD) and international financial institutions (including the International Monetary Fund), shall support the implementa- tion of a plan of the Government of Poland to attack hyperinflation and other structural economic problems, address pressing social problems, carry out comprehensive economic reform, and relieve immediate and urgent balance of payments requirements in Poland, through the use of mechanisms such as— (A) the Exchange Stabilization Fund pursuant to section 5302 of title 31, United States Code, and in accordance with established Department of the Treasury policies and proce- dures; and (B) the authority provided in section 102(c) of this Act. (2) DEBT REUEF. — The United States Government— (A) shall urge all members of the "Paris Club" of creditor governments and other creditor governments to adopt, and participate in, a generous and early rescheduling program for debts owed by the Government of Poland; and (B) in coordination with other creditor governments, shall seek to expedite consultations between the Government of Poland and its major private creditors in order to facilitate a rescheduling and reduction of payments due on debt owed to such creditors in a manner consistent with the inter- national debt policy announced by the Secretary of the Treasury on March 10, 1989.

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