§ 286s. Consideration of basic human needs in economic adjustment programs supported by Fund

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1945

   Pub. L. 96–389 § 2(a) · 94 Stat. 1551

   Enacted · 22 U.S.C. § 286s

   July 31, 1945, ch. 339, § 33, as added Pub. L. 96–389, § 2(a), Oct. 7, 1980, 94 Stat. 1551

   Source evidence

   Code source credit
   July 31, 1945, ch. 339, § 33, as added Pub. L. 96–389, § 2(a), Oct. 7, 1980, 94 Stat. 1551

   Enacted provision · exact public law section
   (a) The Bretton Woods Agreements Act is further amended by adding at the end thereof the following new section: “Sec. 33. (a) The President shall instruct the Secretary of the International Monetary Fund economic adjustment programs. 22 USC 286s. Treasury, the Secretary of State, and other appropriate Federal officials to use all appropriate means to encourage countries, in formulating economic adjustment programs to deal with their balance of payments difficulties, to design those programs so as to safeguard, to the maximum feasible extent, jobs, investment, real per capita income, policies to reduce the gap in wealth between rich and poor, and social programs such as health, housing, and education. “(b) To ensure the effectiveness of economic adjustment programs supported by Fund resources and the reinforcement of those programs by longer term efforts to promote sustained growth and improved living conditions— “(1) United States representatives to the Fund shall recommend and shall work for changes in Fund guidelines, policies, and decisions that would— “(A) permit standby arrangements to be extended beyond three years, as necessary to enable Fund members to implement their economic adjustment programs successfully; “(B) provide that in approving any economic adjustment program the Fund shall take into account the effect such program will have on jobs, investment, real per capita income, the gap in wealth between the rich and poor, and social programs such as health, housing, and education, in order to seek to minimize the adverse impact of those adjustment programs on basic human needs; and “(C) provide that letters of intent submitted to the Fund in support of an economic adjustment program reflect that the member country has taken into account the effect such program will have on the factors listed in subparagraph (B); “(2) (A) before voting on the approval of any standby arrangement with respect to any economic adjustment program, the United States Executive Director shall review— “(i) any analysis of factors prepared by the Fund or the member country in accordance with subparagraphs (B) and (C) of paragraph (1), or “(ii) if no such analysis is prepared and available for such review, an analysis which shall be prepared by the United States Governor of the Fund which examines the effect of the program on the factors listed in subparagraph (B) of paragraph (1); and “(B) the United States Executive Director of the Fund shall take into account the analysis reviewed pursuant to subparagraph (A) of this paragraph in voting on approval of that standby arrangement; “(3) United States representatives to the Fund, to the Bank, and to other appropriate institutions shall work toward improving coordination among these institutions and, in particular, shall work toward formulation of programs in association with economic adjustment programs supported by Fund resources which (A) will, among other things, promote employment, investment, real income per capita, improvements in income distribution, and the objectives of social programs such as health, housing, and education, and (B) will, to the maximum extent feasible and consistent with the borrowing country’s need to improve its balance of payments position within a reasonable period, ameliorate any adverse effects of economic adjustment programs on the poor; “(4) United States representatives to the Fund and the Bank shall seek amendments to decisions on policies on the use of Fund and Bank resources to provide that, where countries are seeking Extended Fund Facility or upper credit tranche drawings from the Fund and are eligible to receive financing from the Bank, the Fund and Bank will coordinate their financing activities in order— “(A) to take into account the effects of economic adjustment programs on the areas listed in clause (A) of paragraph (3), “(B) to provide, to the extent feasible, Bank project loans designed to safeguard and further basic human needs in countries adopting economic adjustment programs supported by Fund resources, and “(C) to provide, as appropriate, Bank financing for programs of structural adjustment that will facilitate development of a productive economic base and greater attainment of basic human needs objectives over the longer term; and “(5) United States representatives to the Fund and the Bank shall request the Fund and the Bank to provide periodic analyses of the effects of economic adjustment programs supported by Fund or Bank financing on jobs, investment, real income per capita, income distribution, and social programs such as health, housing, and education. “(c) The National Advisory Council on International Monetary and Financial Policies shall include in each of its annual reports to the Congress a statement detailing the actions and progress made in carrying out the requirements of subsections (a) and (b) of this section.”.

2. 1989

   International Development and Finance Act of 1989

   Pub. L. 101–240 title V § 541(d)(1) · 103 Stat. 2492

   Struck · 22 U.S.C. § 286s(c)

   Pub. L. 101–240 struck out subsec. (c) which required inclusion of statement detailing progress made in carrying out subsecs. (a) and (b) requirements in Council’s annual report to Congress

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 101–240 struck out subsec. (c) which required inclusion of statement detailing progress made in carrying out subsecs. (a) and (b) requirements in Council’s annual report to Congress.

   Enacted provision · exact public law section
   (1) Paragraphs (5) and (6) of section 4(b), and sections 15(b), 30(b), 33(c), and 50, of the Bretton Woods Agreements Act (22 22 USC 286k–1. UÄC. 286b(b) (5) and (6), 286e-9(b), 286s(c), and 286b–2).

2 of 2 references resolved to an enrolled provision