Page:United States Statutes at Large Volume 97.djvu/1306

 97 STAT. 1274 PUBLIC LAW 98-181—NOV. 30, 1983 "(B) to avoid, wherever possible, government subsidization of production and exports of international commodities without regard to economic conditions in the markets for such commodities.". INTERNATIONAL COOPERATION SEC. 809. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: Lending policies, adoption. 22 USC 286ee. INTERNATIONAL COOPERATION "SEC. 47. The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose that the Fund adopt the following policies with respect to international lending: "(1) In its consultations with a member government on its economic policies pursuant to article IV of the Articles of Agreement of the Fund, the Fund should— "(A) intensify its examination of the trend and volume of external indebtedness of private and public borrowers in the member country and comment, as appropriate, in its report to the Executive Board from the viewpoint of the contribution of such borrowings to the economic stability of the borrower; and "(B) consider to what extent and in what form these comments might be made available to the international banking community and the public. "(2) As part of any Fund-approved stabilization program, the Fund should give consideration to placing limits on public sector external short- and long-term borrowing. "(3) As a part of its annual report, and at such times as it may consider desirable, the Fund should publish its evaluation of the trend and volume of international lending as it affects the economic situation of lenders, borrowers, and the smooth func- tioning of the international monetary system.". IMP INTEREST RATES SEC. 810. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: IMP INTEREST RATES 22 USC 286ff. "SEC. 48. The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose and work for the adoption of Fund policies regarding the rate of remuneration paid on use of member s quota subscriptions and the rate of charges on Fund drawings to bring those rates in line with market rates.". Notice transmittal to congressional committees. BORROWING IN UNITED STATES CREDIT MARKETS SEC. 811. Section 5 of the Bretton Woods Agreements Act (22 U.S.C. 286c) is amended by adding at the end thereof the following: "Neither the President nor any person or agency shall, on behalf of the United States, consent to any borrowing (other than borrowing from a foreign government or other official public source) by the Fund of funds denominated in United States dollars, unless the Secretary of the Treasury transmits a notice of such proposed

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