Page:United States Statutes at Large Volume 112 Part 4.djvu/248

 112 STAT. 2681-219 PUBLIC LAW 105-277 —OCT. 21, 1998 until 15 days after the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System jointly provide written notification to the appropriate committees that the major shareholders of the Fund have publicly agreed to, and will act to implement in the Fund the following policies: (1) Policies providing that conditions in standby or other arrangements regarding the use of Fund resources include, in addition to appropriate monetary policy conditions, requirements that the recipient country, in accordance with a schedule for action— (A) liberalize restrictions on trade in goods and services, consistent with the terms of all international trade agreements of which the borrowing country is a signatory; (B) eliminate the systemic practice or policy of government directed lending on non-commercial terms or provision of market distorting subsidies to favored industries, enterprises, parties, or institutions; and (C) provide a legal basis for nondiscriminatory treatment in insolvency proceedings between domestic and foreign creditors, and for debtors and other concerned persons. (2) Policies providing that within 3 months after any meeting of the Executive Board of the Fund at which a Letter of Intent, a Policy Framework Paper, an Article IV economic review consultation with a member country, or a change in a general policy of the Fund is discussed, a full written summary of the meeting should be made available for public inspection, with the following information redacted: (A) Information which, if released, would adversely affect the national security of a country, and which is of the t3^e that would be classified by the United States Government. (B) Market-sensitive information. (C) Proprietary information. (3) Policies providing that within 3 months after any meeting of the Executive Board of the Fund at which a Letter of Intent) a Memorandum of Understanding, or a Policy Framework Paper is discussed, a copy of the Letter of Intent, Memorandum of Understanding, or Policy Framework Paper should be made available for public inspection with the following information redacted: (A) Information which, if released, would adversely affect the national security of a country, and which is of the type that would be classified by the United States Government. (B) Market-sensitive information. (C) Proprietary information. (4) Policies providing that, in circumstances where a country is experiencing balance of payments difficulties due to a large short-term financing need resulting from a sudden and disruptive loss of market confidence and in order to provide an incentive for early repayment and encourage private market financing, loans made from the Fund's general resources after the date of the enactment of this section are— (A) made available at an interest rate that reflects an adjustment for risk that is not less than 300 basis points in excess of the average of the market-based shortterm cost of financing of its largest members; and

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