Page:United States Statutes at Large Volume 94 Part 2.djvu/275

 PUBLIC LAW 96-389—OCT. 7, 1980

94 STAT. 1553

canning out the requirements of subsections (a) and (b) of this section (b) Section 30 of the Bretton Woods Agreements Act (22 U.S.C. 286e-9) is amended— (1) in subsection (a) by striking out "entered into pursuant to loans from the Supplementary Financing Facility"; (2) in the first sentence of subsection 0)) by striking out "entered into pursuant to loans from the Supplementary Financing Facility"; and (3) in the second sentence of subsection Qy) by striking out "by the Supplementmy Financing Facility". SEC. 3. Strike section 7 of Public Law 95-435, the Bretton Woods ^^ use 27. Agreements Act Amendments of 1978, which reads: "Beginning with Fiscal Year 1981, the total budget outlays of the Federal Government shall not exceed its receipts.", and insert in lieu thereof: "The Congress reaffirms its commitment that beginning with Fiscal Year 1981, the total budget outlays of the Federal Government shall not exceed its receipts.. RECYCUNG BALANCE-OP-PAYMENTS SURPLUSES

SEC. 4. (a) It is the sense of the Congress that (1) the interests of the United States and those of other member countries require an effective International Monetary Fund equipped with resources adequate to facilitate orderly balance-of-payments adjustments; (2) persistent balance-of-payments surpluses in oil exporting countries have placed, and will continue to place, severe strains on the resources of oil importing countries and on the liquidity of the Fund; (3) these strains can only be relieved if the oil exporting countries assume a greater burden for financing balance-of-payments deficits through direct methods of recycling their surpluses and through proportionally greater contributions to the Fund and to the international lending institutions; and (4) the Fund must explore innovative proposals to encourage more direct recycling of oil surpluses and to increase its own liquidity. (b) The Bretton Woods Agreements Act is further amended by adding at the end thereof the following new sections: "SEC. 34. The Secretary of the Treasury, in consultation with the United States Executive Director of the Fund, shall study and, following consultations with member countries, shall report to the Congress prior to May 15, 1981, with respect to— "(1) the current adequacy of Fund resources, together with projected needs of the Fund over the nextfiveyears; "(2) the feasibility of increasing Fund liquidity by encouraging the Fund to borrow directly from the governments of oil exporting countries; "(3) the feasibility of increasing Fund liquidity by encouraging the Fund to borrow in private capital markets through the issuance of securities backed by Fund resources; "(4) the feasibility of an offer by the Fund of incentives to oil exporting countries, including financial guarantees by the Fund for government-to-government loans to countries with balanceof-payments deficits, in order to promote more direct recycling of oil surpluses; and "(5) methods to enhance cooperation between commercial banks and the Fund to promote the availability of adequate resources for balance-of-payments financing.

22 USC 286t "°*®

study and report 22 USC^slt

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