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IMPLEMENTATION OFLEGISLATIVE PROVISIONSRELATING TO THEINTERNATIONAL MONETARY FUND

A Report to Congress

in accordance with

Sections 1503(a) and 1705(a) of theInternational Financial Institutions Act

and

Section 801(c)(1)(B) of theForeign Operations, Export Financing, and Related ProgramsAppropriations Act, 2001U.S. Department of the TreasuryOctober 2001

1

Table of Contents

List of Abbreviations................................................................................................................ 2Introduction............................................................................................................................... 3Legislative Provisions............................................................................................................... 5Report on Specific Provisions................................................................................................... 9

International Financial Institutions Act, Section 1503 Provisions, by Subsection

1.

Exchange Rate Stability................................................................................................ 92.

Independent Monetary Authority, Internal Competition, Privatization,Deregulation, Social Safety Nets, Trade Liberalization............................................... 93.

Strengthened Financial Systems................................................................................. 144.

Bankruptcy Laws & Regulations................................................................................ 155.

Private Sector Involvement......................................................................................... 166.

Good Governance....................................................................................................... 197.

Channeling Public Funds Toward Productive Purposes............................................. 218.

Individual Economic Prescriptions............................................................................. 239.

Core Labor Standards................................................................................................. 2310.

Discouraging Ethnic and Social Strife........................................................................ 2411.

Environmental Protection........................................................................................... 2412.

Enhanced Transparency.............................................................................................. 2513.

Evaluation................................................................................................................... 2614.

Microenterprise Lending............................................................................................. 26..........................................................................................................................................

Foreign Operations, Export Financing, and Related Programs Appropriations Act, 2001, Section801(c)(1)(B) Provisions, by Subsection

I.

Suspension of Financing for Diversion of Funds....................................................... 27II.

IMF Financing as Catalyst for Private Sector Financing............................................ 28III.

Conditions for Disbursement...................................................................................... 28IV.

Trade Liberalization.................................................................................................... 28V.

Focus on Short-Term Balance of Payments Financing............................................... 29VI.

Progress toward Graduation from Concessionary Financing..................................... 29Conclusion.............................................................................................................................. 30......................................................................................................................................................

2

SELECTED ABBREVIATIONS

Asia-Pacific Economic Cooperation (APEC)Contingent Credit Line (CCL)Core Labor Standards (CLS)Extended Fund Facility (EFF)Enhanced Structural Adjustment Facility (ESAF)Federal Republic of Yugoslavia (FRY)Financial Action Task Force (FATF)Financial Sector Assessment Program (FSAP)Financial Stability Forum (FSF)Financial System Stability Assessment (FSSA)Foreign Direct Investment (FDI)General Data Dissemination Standard (GDDS)Heavily Indebted Poor Countries (HIPC)International Financial Institutions (IFIs)International Labor Organization (ILO)International Monetary and Financial Committee (IMFC)Letter of Intent (LOI)Memorandum of Economic Policies (MEP)Memorandum of Economic and Financial Policies (MEFP)Non-Cooperative Countries and Territories (NCCT)Off-Shore Financial Center (OFC)Poverty Reduction and Growth Facility (PRGF)Poverty Reduction Strategy Paper (PRSP)Public Expenditure Review (PER)Public Information Notice (PIN)Report on Standards and Codes (ROSC)Special Data Dissemination Standard (SDDS)Stand-By Arrangement (SBA)Staff Monitored Program (SMP)State-Owned Enterprise (SOE)Technical Memorandum of Understanding (TMU)United States Executive Director at the IMF (USED)Use of Fund Resources (UFR)

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