H.R.5333 - A bill to provide for participation by the United States in a capital stock increase of the International Bank for Reconstruction and Development and a replenishment of the African Development Fund, and for other purposes.100th Congress (1987-1988)
|Sponsor:||Rep. Fauntroy, Walter E. [D-DC-At Large] (Introduced 09/20/1988)|
|Committees:||House - Banking, Finance, and Urban Affrs|
|Latest Action:||10/01/1988 Referred to Subcommittee on International Finance, Trade and Monetary Policy. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5333 — 100th Congress (1987-1988)All Bill Information (Except Text)
Introduced in House (09/20/1988)
Amends the Bretton Woods Agreements Act to authorize the U.S. Governor of the International Bank for Reconstruction and Development (World Bank) to: (1) vote for an increase in the authorized capital stock of the Bank; and (2) subscribe on behalf of the United States to additional shares of such capital stock. Authorizes appropriations for such stock subscription.
Amends the African Development Fund Act to authorize the U.S. Governor of the African Development Fund to contribute a specified amount to the fifth replenishment of the resources of the Fund. Authorizes appropriations for such contribution.
Requires the Secretary of the Treasury to instruct the U.S. Executive Director of the World Bank (Director) to initiate discussions with other directors of the World Bank and to advocate and support the facilitation of voluntary market-based programs for the reduction of sovereign debt. Specifies the goals and limitations of such a program.
Requires the Secretary to instruct the Director to propose: (1) that policy based loans be made for facilitating a reduction in the debt service burden of any country which is participating in such a program; and (2) that a country be considered to be participating in such a program if the creditors of such country agree to significantly reduce the debt service of such country through forgiveness of a percentage of the interest owed by such country on any sovereign debt or through any other means.
Instructs the Secretary to take all necessary steps to limit World Bank policy based to: (1) lending 25 percent of the aggregate value of all Bank loans in a fiscal year; and (2) 50 percent of the aggregate loans made to a particular country over a two-year period. Directs the Secretary to instruct the Director to oppose making any loan which would cause the bank to exceed such limits if, by June 30, 1989, the Secretary has not certified to the Congress that the World Bank has assured adherence to such limits.
Requires the Secretary to instruct the Director to propose that the World Bank establish criteria to provide partial guarantees on debt service payments by borrower countries to private creditors if such creditors agree to reduce the debt service of any such country pursuant to a plan which meets the approval of World Bank directors.
Amends the International Financial Institutions Act to require the Secretary to: (1) instruct the Director and the U.S. Executive Director of the Inter-American Development Bank to propose to their respective institutions the establishment of specific country lending programs oriented toward reducing economic dependence on illicit narcotics production and trafficking; and (2) instruct the Director to encourage the provision of technical assistance to member borrowing countries to transform government-owned enterprises into privately owned, self-sufficient enterprises. Requires the Director to report to the Congress concerning the program to transform government-owned enterprises into privately owned enterprises.
Requires the Secretary to instruct the Director to initiate discussions and propose that the World Bank, the International Development Association, and the International Finance Corporation provide advice and assistance to borrowing countries on mechanisms to accomplish debt-for-development swaps.
Requires the Secretary to instruct the U.S. Executive Directors of the African Development Bank and the African Development Fund to initiate discussions and propose that such institutions provide advice and assistance to government creditors holding sovereign debt of any sub-Saharan government and to sub-Saharan governments which desire to finance programs with local currencies obtained through debt reduction and conversion to promote charitable, educational, and scientific purposes, as a condition of reducing or converting such sovereign debt.
Requires the Secretary to instruct the Director to propose that the World Bank consider the extent to which borrower governments have honored debt-for-development swap agreements as a factor in making loans to such governments.
Requires the Secretary to instruct the U.S. Executive Director of the World Bank and the International Development Association to advocate assistance by such institutions to borrowing governments to develop statistical measures for assessing the physical well-being of the poor.
Expresses the sense of the Congress that the Secretary should: (1) give priority to facilitating efforts of small businesses to gain access to the bidding on procurement and consulting contracts offered by the World Bank; (2) coordinate the efforts of the Department of the Treasury with efforts of other Government agencies to disseminate information on opportunities offered by the World Bank to assist small businesses located in the United States; and (3) encourage the Director to work with the World Bank in developing programs to improve opportunities for small businesses located in member countries to bid successfully on World Bank contracts.
Makes technical corrections.