Page:United States Statutes at Large Volume 114 Part 3.djvu/869

 PUBLIC LAW 106-429—APPENDIX A 114 STAT. 1900A-67 (1) the actions taken by recipient countries, as a result of the assistance allocated to them by the multilateral development banks under programs referred to in section 802(b), to strengthen governance and reduce the opportunity for bribery , and corruption; and (2) how International Development Association-financed projects contribute to the eventual graduation of a representative sample of countries from reliance on financing on concessionary terms and international development assistance. (c) AMENDMENT OF REPORT ON FUND.— Section 1705(a) of the International Financial Institutions Act (22 U.S.C. 262r-4(a)) is amended— (1) by inserting "(1)" before "the progress"; and (2) by inserting before the period at the end the following: ", and (2) the progress made by the International Monetary Fund in adopting and implementing the policies described in section 801(c)(1)(B) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 2001". (d) REPORT ON DEBT RELIEF.— Not later than 90 days after the date of enactment of this Act, the Secretary shall submit a report to the appropriate congressional committees on the history of debt relief programs led by, or coordinated with, international financial institutions, including but not limited to— (1) the extent to which poor countries and the poorestof-the-poor benefit from debt relief, including measurable evidence of any such benefits; and (2) the extent to which debt relief contributes to the graduation of a country from reliance on financing on concessionary terms and international development assistance. SEC. 804. REPEAL OF BILATERAL FUNDING FOR INTERNATIONAL FINANCIAL INSTITUTIONS. Section 209(d) of the Foreign Assistance Act of 1961 (22 U.S.C. 2169(d); relating to bilateral funding for international financial institutions) is repealed. SEC. 805. REFOCUSED ACTIVITIES OF THE IMF. The Bretton Woods Agreement Act is amended by adding the following new section: «SEC. 63. PRINCIPLES FOR INTERNATIONAL MONETARY FUND LEND- ING. "It is the policy of the United States to work to implement reforms in the International Monetary Fund (IMF) to achieve the following goals: "(1) SHORT-TERM BALANCE OF PAYMENTS FINANCING.— Lending from the general resources of the Fund should concentrate chiefly on short-term balance of pa3nnents financing. "(2) LIMITATIONS ON MEDIUM-TERM FINANCING. — Use of medium-term lending from the general resources of the Fund should be limited to a set of well-defined circumstances, such as— "(A) when a member's balance of pa5anents problems will be protracted; "(B) such member has a strong structural reform program in place; and "(C) the member has little or no access to private sources of capital.

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