[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 273 Introduced in House (IH)]







105th CONGRESS
  2d Session
H. CON. RES. 273

Expressing the sense of the Congress that the annual rate at which the 
    International Monetary Fund charges interest on loans should be 
comparable to the average annual rate of interest in financial markets 
          for loans of comparable maturity, adjusted for risk.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 7, 1998

  Mr. Royce submitted the following concurrent resolution; which was 
      referred to the Committee on Banking and Financial Services

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
Expressing the sense of the Congress that the annual rate at which the 
    International Monetary Fund charges interest on loans should be 
comparable to the average annual rate of interest in financial markets 
          for loans of comparable maturity, adjusted for risk.

Whereas International Monetary Fund (IMF) structural adjustment loans are 
        extended at subsidized rates, and are equivalent to a transfer of wealth 
        from taxpayers in the United States and other countries to those 
        countries accessing International Monetary Fund credit;
Whereas subsidized loans distort markets and create inefficiencies that impede 
        economic development;
Whereas subsidized International Monetary Fund loans have often proven to be 
        ineffectual and even harmful as a means of promoting economic 
        development; and
Whereas market-based interest rates are determined by the borrower's 
        creditworthiness, a factor ignored by the International Monetary Fund: 
        Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of the Congress that the annual rate at which the 
International Monetary Fund charges interest on loans should be, at a 
minimum, comparable to the average annual rate of interest in financial 
markets for loans of comparable maturity, adjusted for risk.
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