article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Debt Relief and IMF Reform Act of 1999''. SEC. 2. CONDITIONS OF APPROVING GOLD SALES BY THE INTERNATIONAL MONETARY FUND. Section 5 of the Bretton Woods Agreements Act (22 U.S.C. 286c) is amended by adding at the end the following: ``No director appointed to represent the United States at the Fund shall vote for any proposal to sell or otherwise convert or liquidate gold, unless-- ``(1) the Congress has enacted a joint resolution authorizing the approval of the proposal; ``(2)(A) the Fund has canceled all debts owed to the Fund by the countries eligible for debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and Haiti; and ``(B) the Secretary of the Treasury, after consultation with the Comptroller General, demonstrates to the Congress that there is no other feasible way to finance the cancellation of such debts, and, if the Comptroller General does not concur, explains to the Congress why any other method of financing suggested by the Comptroller General is not feasible; ``(3) the most recent operational budget of the Fund has been published, with any information that could disrupt financial markets or affect adversely the national security of any country redacted, and the publicly available financial statements of the Fund are reorganized and restated in a manner consistent with the Fund's code of good practices, and with the principles of transparency and accountability; ``(4) the Congress has enacted a joint resolution certifying that the Fund is in full compliance with the conditions imposed or required to be imposed by title VI of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1999 (as contained in section 101(d) of division A of the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 (Public Law 105-277)); ``(5) the proposal is-- ``(A) to sell any gold held by the Fund on the effective date of the Second Amendment to the Articles of Agreement of the Fund; ``(B) only to the member countries that were member countries on August 31, 1975, and Papua New Guinea, and that agree to purchase the gold; ``(C) in proportion to the quotas of such countries in the Fund on August 31, 1975; ``(D) in exchange for the currencies of such countries; and ``(E) at a price of SDR 35 per fine ounce; ``(6) the interest accruing on any investment of the residual proceeds to the Fund of the sale will be used for the provision of debt relief for such countries without conditions; and ``(7) the official budget of the United States Government displays the costs of United States participation in the Fund, in accordance with the guidelines provided in the President's Commission on Budget Concepts.''. SEC. 3. END OF UNITED STATES PARTICIPATION IN AND SUPPORT FOR THE ENHANCED STRUCTURAL ADJUSTMENT FACILITY OF THE INTERNATIONAL MONETARY FUND. (a) Prohibition on Future Funding.--No officer, employee, or agent of the United States may, directly or indirectly, provide any thing of value to the International Monetary Fund for the purpose of providing resources to the Enhanced Structural Adjustment Facility or other concessional lending facility of the International Monetary Fund. (b) Veto of Use of Available Funds.--Section 5 of the Bretton Woods Agreements Act (22 U.S.C. 286c) is further amended by adding at the end the following: ``The director appointed to represent the United States at the Fund shall use every effort to terminate the Enhanced Structural Adjustment Facility of the Fund within one year after the date of the enactment of this sentence. No director appointed to represent the United States at the Fund shall vote for any proposal to use resources of the Enhanced Structural Adjustment Facility of the Fund for any purpose, except for a proposal to abolish the Facility, use such resources for debt relief, and return any resources remaining after such use to the General Resources of the Fund.''. SEC. 4. NO APPROPRIATIONS FOR THE INTERNATIONAL MONETARY FUND UNTIL THE INTERNATIONAL MONETARY FUND HAS CANCELLED ALL DEBTS OWED TO THE FUND BY THE HEAVILY INDEBTED POOR COUNTRIES AND BY HAITI. Section 5 of the Bretton Woods Agreements Act (22 U.S.C. 286c) is further amended by adding at the end the following: ``No amounts may be appropriated for payment to the Fund until the Fund has cancelled all debts owed to the Fund by the countries eligible for debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and Haiti, and has financed such debt cancellation from ongoing operations, procedures, and accounts of the Fund established as of the end of the most recent fiscal year.''. SEC. 5. CONDITIONS OF APPROVING QUOTA INCREASE FOR THE INTERNATIONAL MONETARY FUND. Section 5 of the Bretton Woods Agreements Act (22 U.S.C. 286c) is further amended by adding at the end the following: ``No governor or alternate appointed to represent the United States at the International Monetary Fund shall vote for any proposal for any quota increase for the International Monetary Fund, unless, before the proposal was made, the Congress received notice of the proposal and the position of the Executive Branch on the proposal, and the Congress has enacted a joint resolution authorizing the approval of the proposal.''. SEC. 6. EFFECTIVE DATE. This Act and the amendments made by this Act shall take effect 60 days after the date of the enactment of this Act.
summary: 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.