International Finance Effectiveness Act of 1992

Summary

International Finance Effectiveness Act of 1992 - Amends the Bretton Woods Agreements Act to require the Secretary of the Treasury to instruct the U.S. Executive Director of the International Monetary Fund (IMF) to encourage the IMF to adopt procedures for the publication of economic reviews of the major industrialized nations and other commentary, as appropriate. Expresses the sense of the Congress that procedures should be instituted to review the activities of the IMF and the International Bank for Reconstruction and Development (World Bank) for purposes of coordinating the international economic activities of international financial institutions at the Board, management, and staff levels. Directs the Secretary to instruct the U.S. Executive Director of the IMF to: (1) advocate specified actions concerning poverty alleviation and policy framework papers; and (2) urge renewal of debt and debt service reduction programs. Requires the Secretary to report to the Congress on the debt incurred by the former Soviet Union held by commercial banks outside the states obligated on such debt and the prospects for repayment of such debt. Directs the Secretary to instruct the U.S. Executive Director of the IMF to encourage environmental considerations in IMF programs. Requires the Secretary to instruct the U.S. Executive Director of the IMF to support the development of programs that recognize the importance of social issues, including certain actions concerning child survival and basic education issues. Directs the Secretary, in the annual report of the National Advisory Council on International Monetary and Financial Policies, to report on: (1) the progress made by the Director in implementing such programs; and (2) any votes cast in opposition to such programs. Requires the U.S. Executive Director of the IMF to urge the IMF to: (1) develop an economic methodology to measure the level of military spending by borrowing countries; (2) provide the Executive Board with annual reports estimating the level of such spending by each borrowing country; and (3) include in every article IV consultation with the borrowing country an analysis of the level of military spending and whether such spending is consistent with the achievement of sustainable, long-term economic growth. Requires the U.S. Executive Directors of the IMF and the World Bank to oppose loans to a borrowing country unless the IMF has certified that military spending by such country is consistent with sustainable, long-term economic growth. Waives such restriction if the Secretary determines that the country is confronted with a military threat which justifies such level of military spending, the country has made commitments to reduce the level of such spending to a level consistent with such growth, or the country faces exceptional short-term liquidity needs which require bridge financing but not long-term development lending.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 12 August 1992

  Open at official source

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