Debt Relief and IMF Reform Act of 1999

Summary

Debt Relief and IMF Reform Act of 1999 - Amends the Bretton Woods Agreements Act to prohibit the U.S. director to the International Monetary Fund (IMF) from voting for any proposal to sell gold, unless: (1) Congress has enacted a joint resolution authorizing its sale; (2) the IMF has canceled all debts owed to it by countries eligible for debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and Haiti; (3) the Secretary of the Treasury demonstrates to Congress that there is no other feasible way to finance the cancellation of such debts; (4) the most recent operational IMF budget has been published, with any information that could disrupt financial markets or affect adversely the national security of any country redacted, and other specified requirements met; (5) Congress has enacted a joint resolution certifying that the IMF is in full compliance with specified conditions imposed by title VI of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1999; (6) the proposal to sell meets certain conditions; (7) the interest accruing to the IMF on any investment of the residual sale proceeds will be used for the provision of debt relief for such countries without conditions; and (8) the U.S. Government budget displays costs of U.S. participation in the IMF, in accordance with the guidelines provided in the President's Commission on Budget Concepts. Prohibits U.S. officers, employees or agents from providing any thing of value to the IMF for the purpose of providing resources to the Enhanced Structural Adjustment Facility (ESAF) or other concessional lending facility of the IMF. Amends the Bretton Woods Agreements Act to require the U.S. director of the IMF to use every effort to terminate the ESAF. Prohibits appropriations for payments to the IMF until it has canceled all debts owed to it by HIPCs and Haiti. Prohibits the U.S. governor to the IMF from voting for any proposal for any quota increase for the IMF, unless, before the proposal was made, Congress received notice of the proposal and the position of the Executive Branch on it, and Congress has enacted a joint resolution of approval.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 23 September 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 23 September 1999

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• Introduced in House

  summary · EN · 23 September 1999

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