Page:United States Statutes at Large Volume 97.djvu/1305

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1273 adjustment on the debtor nation, provided that such inter- est rate spreads are consistent with that nation's need to obtain adequate external private financing; "(B) the annual external debt service required of the country involved is a manageable and prudent percentage of the projected annual export earnings of such country; and "(C) the economic adjustment program will not have an adverse impact on international economic growth, world trade, exports, and employment of other member countries, and the long-term solvency of banks. "(c) The provisions of subsection (b)(2) shall not apply in any case in which the Secretary of the Treasury first determines and provides written documentation to the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives that— "(1) an emergency exists in a nation that has applied to the Fund for assistance that requires an immediate short-term loan to avoid disrupting orderly flnancial markets; "(2) a sudden decrease in export earnings in the country applying to the Fund for assistance has increased the ratio of annual external debt service to annual export earnings, to greater than 85 per centum for a period projected to be no more than one year; or "(3) other extraordinary circumstances exist which warrant waiving the provisions of subsection (b)(2).". Warranted assistance in certain circumstances. OPPOSING FUND BAILOUTS OF BANKS SEC. 807. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: OPPOSING FUND BAILOUTS OF BANKS "SEC. 46. The Secretary of the Treasury shall instruct the United States Executive Director of the Fund— "(1) to oppose and vote against any Fund drawing by a member country where, in his judgment, the Fund resources would be drawn principally for the purpose of repaying loans which have been imprudently made by banking institutions to the member country; and "(2) to work to insure that the Fund encourages borrowing countries and banking institutions to negotiate, where appropri- ate, a rescheduling of debt which is consistent with safe and sound banking practices and the country's ability to pay.". 22 USC 286dd. SURPLUS COMMODITIES SEC. 808. (a) Section 4(b) of the Bretton Woods Agreements Act (22 U.S.C. 286b(b)) is amended by adding at the end thereof the following: "(8) The general policy objectives for the guidance of the United States Executive Director of the Bank shall take into account the effect that development assistance loans have upon individual industnr sectors and international commodity markete— (A) to minimize projected adverse impacts; and

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