Page:United States Statutes at Large Volume 114 Part 3.djvu/868

 114 STAT. 1900A-66 PUBLIC LAW 106-429—APPENDIX A (vi) policies providing for the use, in conjunction with the Bank, of appropriate quahtative and quantitative indicators to measure progress toward graduation from receiving financing on concessionary terms, including an estimated timetable by which countries may graduate over the next 15 years. (2) EXCEPTION.—In the event that the Secretary cannot certijfy that a policy described in paragraph (1)(A) or (1)(B) is being implemented, the Secretary shall, not later than 30 days after the date of enactment of this Act, submit a report to the appropriate congressional committees on the progress, if any, made by the Bank or the Fund in adopting and implementing such policy, as the case may be. SEC. 802. STRENGTHENING PROCEDURES FOR MONITORING USE OF FUNDS BY MULTILATERAL DEVELOPMENT BANKS. (a) IN GENERAL. — The Secretary shall instruct the United States Executive Director of each multilateral development bank to exert the influence of the United States to strengthen the bank's procedures and management controls intended to ensure that funds disbursed by the bank to borrowing countries are used as intended and in a manner that complies with the conditions of the bank's loan to that country. (b) PROGRESS EVALUATION. — Not later than 180 days after the date of enactment of this Act, the Secretary shall submit to the appropriate congressional committees a report evaluating the progress made toward achieving the objectives of subsection (a), including a description of— (1) any progress made in improving the supervision, monitoring, and auditing of programs and projects supported by each multilateral development bank, in order to identify and reduce bribery and corruption; (2) any progress made in developing each multilateral development bank's priorities for allocating anticorruption assistance; (3) country-specific anticorruption programs supported by each multilateral development bank; (4) actions tsiken to identify and discipline multilateral development bank employees suspected of knowingly being involved in corrupt activities; and (5) the outcome of efforts to harmonize procurement practices across all multilateral development banks. SEC. 803. REPORTS ON POLICIES, OPERATIONS, AND MANAGEMENT OF INTERNATIONAL FINANCIAL INSTITUTIONS. (a) ANNUAL REPORT ON FINANCIAL OPERATIONS. —Beginning 180 days after the date of enactment of this Act, or October 31, 2000, whichever is later, and on October 31 of each year thereafter, the Comptroller General of the United States shall submit to the appropriate congressional committees a report on the sufficiency of audits of the financial operations of each multilateral development bank conducted by persons or entities outside such bank. (b) ANNUAL REPORT ON UNITED STATES SUPPORTED POLICIES.— Beginning 180 days after the date of enactment of this Act, or October 31, 2000, whichever is later, and on October 31 of each year thereafter, the Secretary shall submit a report to the appropriate congressional conmiittees on—

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