Treasury Continues Its Formal Process to Promote U.S. Policies at
the International Monetary Fund (12-JUL-04, GAO-04-928R).
Congress has shown considerable interest in legislating U.S.
policies regarding the International Monetary Fund (IMF or the
Fund). Currently, the administration is charged with responding
to dozens of legislative mandates related to the Fund, including
advocacy for certain Fund policies, instructions for U.S. voting
positions on Fund assistance to borrower countries, and
requirements to report to Congress on various aspects of U.S.
participation in the Fund. In 2003, we reported that the United
States had 67 legislative mandates prescribing U.S. policy goals
at the Fund. These mandates covered a wide range of policies,
including combating terrorism, human rights, international trade,
and weapons proliferation. As an international organization, the
Fund is generally exempt from U.S. law. However, Congress can
seek to influence IMF policy by directing the Secretary of the
Treasury to instruct the U.S. Executive Director to pursue
certain policy considerations or vote in a particular way on IMF
programs or assistance to specific countries as part of his
duties within the Board of the Fund. In 2000, Congress directed
us to assess the Department of the Treasury's efforts in
advancing U.S. legislative mandates at the Fund. The Consolidated
Appropriations Act for Fiscal Year 20002 requires us to report
annually on the extent to which IMF practices are consistent with
U.S. policies as set forth in federal law. In January 2001, we
reported that the Treasury Department instituted a formal process
in 1999 to systematically promote congressionally mandated
policies at the Fund. We also found that while Treasury had had
some influence over Fund policies, it was difficult to attribute
the adoption of a policy within the Fund solely to the efforts of
any one member because the Fund generally makes decisions on the
basis of consensus. In February 2003, we provided an update on
(1) the status of the U.S. Treasury's process for advancing
congressional mandates at the Fund and (2) the number of U.S.
legislative mandates concerning the Fund. This report provides a
similar update for 2004.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-04-928R
ACCNO: A10918
TITLE: Treasury Continues Its Formal Process to Promote U.S.
Policies at the International Monetary Fund
DATE: 07/12/2004
SUBJECT: International organizations
Monetary policies
Foreign policies
Legislation
Foreign loans
Economic policies
Reporting requirements
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GAO-04-928R
United States Government Accountability Office Washington, DC 20548
July 12, 2004
Congressional Committees
Subject: Treasury Continues Its Formal Process to Promote U.S. Policies at
the International Monetary Fund
Congress has shown considerable interest in legislating U.S. policies
regarding the International Monetary Fund (IMF or the Fund). Currently,
the administration is charged with responding to dozens of legislative
mandates related to the Fund, including advocacy for certain Fund
policies, instructions for U.S. voting positions on Fund assistance to
borrower countries, and requirements to report to Congress on various
aspects of U.S. participation in the Fund.
In 2003, we reported that the United States had 67 legislative mandates
prescribing U.S. policy goals at the Fund. These mandates covered a wide
range of policies, including combating terrorism, human rights,
international trade, and weapons proliferation. As an international
organization, the Fund is generally exempt from U.S. law. However,
Congress can seek to influence IMF policy by directing the Secretary of
the Treasury to instruct the U.S. Executive Director to pursue certain
policy considerations or vote in a particular way on IMF programs or
assistance to
1
specific countries as part of his duties within the Board of the Fund.
In 2000, Congress directed us to assess the Department of the Treasury's
efforts in advancing U.S. legislative mandates at the Fund. The
Consolidated Appropriations Act for Fiscal Year 20002 requires us to
report annually on the extent to which IMF practices are consistent with
U.S. policies as set forth in federal law. In January 2001, we reported
that the Treasury Department instituted a formal process in 1999 to
systematically promote congressionally mandated policies at the Fund. We
also found that while Treasury had had some influence over Fund policies,
it was difficult to attribute the adoption of a policy within the Fund
solely to the efforts of any one
1The Executive Board oversees the day-to-day business of the Fund. The
Board is comprised of 24 executive directors who are appointed or elected
by member countries or by groups of member countries. The President
appoints, with the advice and consent of the Senate, the U.S. Executive
Director to represent the United States on the Board.
2P.L. 106-113 sec. 504 (e).
GAO-04-928R Treasury Continues Its Formal Process to Promote U.S. Policies
3
member because the Fund generally makes decisions on the basis of
consensus. In February 2003, we provided an update on (1) the status of
the U.S. Treasury's process for advancing congressional mandates at the
Fund and (2) the number of U.S. legislative mandates concerning the Fund.
This report provides a similar update for 2004.
Results in Brief
The U.S. Treasury continues to maintain a formal process for advancing
U.S. policies at the Fund. A Treasury task force facilitates coordination
between Treasury and the U.S. Executive Director and identifies early
opportunities to influence decisions of Fund members. Since our February
2003 report, the task force has continued to meet biweekly to identify
opportunities to advance legislative mandates at the Fund. The task force
has made several efforts to enhance the monitoring and promotion of
mandates-for example, by focusing attention on countries not yet on the
IMF Board's calendar but that are likely to require Fund assistance.
We have identified a total of 67 legislative mandates that prescribe U.S.
policy goals at the IMF, the same number as in our February 2003 report.
Although the total number remained the same, some mandates have expired
since our February 2003 report and others have been added. New mandates
address policy issues such as the lifting of economic sanctions on Iraq,
human rights in Burma, and development assistance for Tibet. Treasury
continues to notify the U.S. Executive Director about new mandates through
instruction letters.
Background
The Department of the Treasury has the lead role within the executive
branch for formulating U.S. policy toward the Fund. The U.S. Executive
Director is appointed by the President and pursues U.S. policy objectives
through his/her membership in the Fund's Executive Board. Treasury's
Office of International Affairs, with the Office of the U.S. Executive
Director of the IMF, formulates, evaluates, and implements Treasury policy
concerning U.S. participation in the IMF, including the policy positions
and directives set forth in legislative mandates.
The legislative mandates that set forth U.S. policy regarding the Fund
cover a range of issues. Some of these, such as exchange rate policy and
emerging issues, including combating terrorism, are core to the Fund's
mission. This report classifies mandates into one of two broad categories:
"policy" mandates and "directed vote" mandates.4
3See U.S. General Accounting Office, International Monetary Fund: Efforts
to Advance U.S. Policies at the Fund, GAO-01-214 (Washington, D.C.: Jan.
29, 2001) and U.S. General Accounting Office, Treasury Maintains a Formal
Process to Advance U.S. Policies at the International Monetary Fund,
GAO-03-401R (Washington, D.C.: Feb. 7, 2003).
4Reporting mandates, which require Treasury to report to Congress on
various issues related to U.S. participation in the Fund, constitute a
third category of legislative mandates. This report does not cover
reporting mandates because they generally are not related to advancing
U.S. policy goals at the Fund.
Policy mandates seek to foster or advocate a certain policy at the IMF by
directing Treasury to instruct the U.S. Executive Director to use his/her
"voice" and/or "vote" on behalf of the United States at the Executive
Board to bring about a policy change at the Fund. For example, the U.S.
Executive Director is directed to encourage the IMF to adopt
internationally recognized worker rights by borrowing countries. Directed
vote mandates are more prescriptive in that they instruct the United
States to "oppose" or "vote against" loans or other IMF assistance to
particular countries or categories of countries. For example, the U.S.
Executive Director is directed to oppose financial assistance for a
country that is not compliant with the military spending and audits
mandate, as shown in enclosure I.
Treasury Has a Systematic Process for Promoting U.S. Legislative Mandates
Treasury continues to have a systematic process in place to advance U.S.
legislative mandates at the Fund. As we reported previously,5 Treasury
created the Task Force on Implementation of U.S. Policy and Reforms in the
IMF in March 1999 to strengthen the process by which the United States
pursues its objectives at the IMF. In particular, the task force was to
increase awareness among Treasury staff about the mandates and identify
early opportunities to provide input to the U.S. Executive Director to
influence decisions regarding IMF members' programs and economic reviews.
Treasury also continues to make available to all relevant staff annual
updates of its comprehensive legislative mandates manual, which contains
all mandates applicable to U.S. participation in the Fund.
The task force includes staff-level representatives from the regional and
functional offices within Treasury's Office of International Affairs,
Treasury's Office of the General Counsel, and the U.S. Executive
Director's office. Task force members continue to meet biweekly to discuss
how Treasury and the U.S. Executive Director
6
can best apply legislative mandates, given a country's economic
circumstances.
According to Treasury officials, the task force serves an important role
as a mechanism to systematically remind Treasury officials of the need to
address legislative mandates. Prior to each biweekly meeting, task force
members review a tentative schedule of IMF Executive Board meetings for
upcoming weeks to stay abreast of what countries will be discussed by the
Board. Also, Treasury officials may prepare for the meetings by obtaining
information about other opportunities to attempt to influence the IMF. For
example, Treasury officials may hold discussions with Fund officials when
an IMF mission is planned to a particular country as part of negotiations
for a new or existing program or an economic review.
At the task force meetings, members discuss opportunities to implement
mandates of potential relevance for specific countries. The aim of the
discussion is to identify the best opportunities to make a credible and
convincing case for pursuing a mandate at
5GAO-01-214; GAO-03-401R.
6Although the task force helps facilitate coordination between Treasury
officials and the U.S. Executive Director, it is not the final arbiter for
determining the U.S. policy position toward the IMF on any given issue.
The task force is not a review or approval mechanism to give Treasury
sanction to pursue individual mandates.
a given time. Once agreement is reached on how to pursue a mandate,
Treasury country officers collaborate with U.S. Executive Director staff
and functional specialists to draft a policy position for the U.S.
Executive Director. The policy position can take the form of input for a
written statement or talking points for an oral statement to the Executive
Board. The U.S. Executive Director pursues U.S. objectives, including the
legislative mandates, through various channels at the Fund. For example,
the U.S. Executive Director regularly makes oral or written statements to
the Board to apprise it of U.S. policy objectives regarding requests from
countries for new programs, Fund reviews of existing programs, and regular
Fund reviews of all members' economic policies.
Since creating the task force, Treasury has made occasional modifications
to reinforce its efforts to monitor and promote legislative mandates at
the Fund. For example, in March 2001, the task force expanded its agenda
to include not only countries scheduled for discussion by the IMF Board
but also countries that may need a program over the next several months.
This enabled task force participants to focus attention on countries not
yet on the Board's calendar. Since April 2004, Treasury officials have
initiated efforts to make the task force more useful for participants by,
for example, reorganizing the meeting agenda into a table format that
clearly indicates which mandates are relevant to which countries. They
also categorized the countries under discussion by differentiating those
that currently have an IMF program from those that may need one. Treasury
officials also stated that they plan to modify the meeting format to cover
mandates and policy issues in greater depth. They will, for example, focus
a meeting on a certain set of topics and invite those staff
representatives whose work relates to these topics to attend.
No Change in Number of U.S. Legislative Mandates Concerning the IMF
The number of U.S. legislative mandates concerning the IMF has not changed
since our February 2003 report. Through our legal analysis, supplemented
by documentation obtained from the Department of the Treasury, we
identified a total of 67 legislative mandates as of June 2004, the same
number of mandates we identified in our February 2003 report. Our list
includes one legislative mandate that Treasury does not include in its own
compendium. This mandate, passed in 1980, was intended to help promote a
policy of diversification of foreign exchange assets. According to a
Treasury official, Treasury does not include this mandate in its own
compendium because it has determined that the mandate has been overtaken
by subsequent events and is outdated.
Although the total number of mandates remains the same, each year some
mandates expire and others are added. For example, one expired mandate
relates to indirect financing for countries including China and North
Korea that was contained in a 2002 annual appropriations act. This mandate
expired when the appropriated funds to which it applied were no longer
legally available. New mandates address policy issues such as lifting of
economic sanctions on Iraq, human rights in Burma, and support for
development assistance to Tibet. Treasury continues to provide annual
notification letters concerning new mandates to the U.S. Executive
Director's office. These notification letters instruct the U.S. Executive
Director to take appropriate actions with respect to IMF mandates.
Enclosure I identifies all directed vote and policy mandates that
prescribe U.S. policy goals at the IMF under current federal law. The
enclosure briefly describes the broad policy objectives the mandates
address and some of the actions required by the U.S. Treasury and the U.S.
Executive Director. The mandates date from 1945 to 2004, with the majority
enacted in the last decade. Some mandates address multiple policy issues,
sometimes overlapping one another. Enclosure II identifies some policies
that are addressed in multiple mandates.7 For example, nine mandates
pertain to trade and seven pertain to debt issues.
Agency Comments and Our Evaluation
We received written comments on a draft of this report from the Department
of the Treasury, which are reprinted in Enclosure III. Treasury concurred
with the facts presented in this report. Treasury reiterated its position
that the extensive legislative mandates could potentially undermine its
effectiveness and influence at the Fund.
Scope and Methodology
To describe the current process that Treasury has in place to advance
congressional mandates at the IMF, we reviewed the list of topics
discussed in the biweekly task force meetings from January 2003 to May
2004, which summarizes major issues relating to the mandates. To determine
the current number of IMF mandates, we analyzed Treasury's compilation of
legislative mandates pertaining to the international financial
institutions and documents obtained through our own legal research. In
addition, we reviewed a February 2004 memorandum for distribution from
Treasury to the U.S. Executive Director concerning new mandates and
Treasury's 2004 compilation of legislative mandates applying to
international financial institutions. We used two criteria to identify the
relevant laws for this review. These criteria were (1) any current law
that explicitly directs the U.S. Executive Director to the IMF to use his
vote at the IMF to achieve a policy goal and (2) any current law that
seeks to have the U.S. Executive Director use his voice at the IMF to
promote a U.S. policy or make a policy change. To address both objectives,
we also interviewed officials in Treasury's Office of International
Affairs and the Office of the General Counsel.
We conducted this review from May to July 2004 in accordance with
generally accepted government auditing standards.
----
We are sending copies of this report to other congressional committees,
the Secretary of the Treasury, the Managing Director of the International
Monetary Fund, and other interested parties. Copies will be made available
to additional requesters. This report will be available at no charge on
the GAO Web site at http://www.gao.gov.
7Within enclosures I and II, mandates shown in bold represent mandates
added since our last report in February 2003. Some of these mandates
simply replace older mandates that had expired, while others cover new
topics.
If you have any questions about this report, please contact Joseph A.
Christoff at 202512-8979 and Stephanie J. May at 202-512-6293. We can also
be reached by e-mail at [email protected] and [email protected], respectively.
Zina Merritt, Suzanne Dove, Mary Moutsos, Ashley Alley, Mark Speight, and
Lynn Cothern made contributions to this report.
Joseph A. Christoff
Director, International Affairs and Trade
Stephanie J. May
Managing Associate General Counsel
General Counsel
Enclosures - 2
List of Congressional Committees
The Honorable Richard Lugar
Chairman
The Honorable Joseph R. Biden, Jr.
Ranking Minority Member
Committee on Foreign Relations
United States Senate
The Honorable Ted Stevens
Chairman
The Honorable Robert C. Byrd
Ranking Minority Member
Committee on Appropriations
United States Senate
The Honorable Mitch McConnell
Chairman
The Honorable Patrick J. Leahy
Ranking Minority Member
Subcommittee on Foreign Operations,
Export Financing, and Related Programs Committee on Appropriations United
States Senate
The Honorable Bill Young
Chairman
The Honorable David R. Obey
Ranking Minority Member
Committee on Appropriations
House of Representatives
The Honorable Michael G. Oxley
Chairman
The Honorable Barney Frank
Ranking Minority Member
Committee on Financial Services
House of Representatives
Enclosure I U.S. Legislative Mandatesa Concerning the IMF
Law and date Subject matter Directed
of enactmentb Required actions vote
The Department of the
Treasury shall instruct the
U.S. Executive Director
(USED) to oppose loans to
countries whose governments
engage in a pattern of gross
violations of internationally
recognized human rights or
provide refuge to individuals
committing acts of
Human rights, international terrorism by
international hijacking aircraft, unless
terrorism, such assistance is directed
22 U.S.C. 262d religious freedom, to serve basic human needs.
1 Oct. 3, 1977 and others, Severe violations of Yes
including nuclear religious freedom should be
material considered in determining if
acquisition the country has engaged in
gross violations of
internationally recognized
human rights. Further,
Treasury is to instruct the
USED to consider a list of
concerns when carrying out
his/her duties, including
whether recipient countries
are seeking to acquire
unsafeguarded special nuclear
material.
The President shall direct
the USED to take all
appropriate actions to keep
the compensation for IMF
22 U.S.C. 262e Salaries and employees at a level
2 Oct. 3, 1977 benefits of IMF comparable to the No
employees compensation provided
employees of both private
business and the U.S.
government in comparable
positions.
Treasury shall instruct the
USED to use his voice and
vote on behalf of the United
States to oppose any IMF
assistance for the production
or extraction of any
22 U.S.C. 262h Trade, mining, and commodity or mineral for
3 Oct. 15, 1986 surplus export, if it is in surplus Yes
commodities on world markets and if the
export of such commodity or
mineral would cause
substantial injury to the
U.S. producers of the same,
similar, or competing
commodity or mineral.
Treasury shall instruct the
USED to consider, when
reviewing loans, credits, or
other uses of IMF resources,
Impact of country the effect that country
adjustment adjustment programs would
4 22 U.S.C. 262k programs on have on individual No
Aug. 15, 1985 industries and industries' sectors and
commodity markets international commodity
markets including specific
criteria to be considered as
a basis for a vote against
certain mining and related
project proposals.
Treasury shall instruct the
USED to use his voice and
vote to oppose any loan,
other than for basic
humanitarian needs, to any
country that the Secretary of
the Treasury determines does
22 U.S.C. not have in place a
5 262k-1 Sept. Military spending functioning system for Yes
30, 1996 and audits reporting to civilian
authorities audits of
receipts and expenditures
that fund activities of the
armed and security forces and
that has not provided to the
IMF information about the
audit process requested by
the institution.
Treasury shall instruct the
USED to use his voice and
vote to oppose any loan,
other than for basic
humanitarian needs, for any
22 U.S.C. Female genital government that the Secretary
6 262k-2 Sept. mutilation of the Treasury determines Yes
30, 1996 has a known history of
practicing female genital
mutilation and has not taken
steps to implement
educational programs designed
to prevent this practice.
Treasury shall instruct the
USED to use aggressively his
voice and vote to vigorously
22 U.S.C. Trade barriers and promote policies to encourage
7 262n-3 Oct. agricultural the opening of markets for No
21, 1998 commodities agricultural commodities and
products by requiring
recipient countries to make
efforts to reduce trade
barriers.
Treasury shall instruct the
USED to consider, when
deciding whether to support a
country's loan program, the
extent to which IMF borrowing
countries have demonstrated a
commitment to (1) providing
accurate and complete data on
military spending; (2)
22 U.S.C. Military spending establishing good and
8 262o-1 Aug. and good publicly accountable No
23, 1994 governance governance, including to end
excessive military
involvement in the economy;
and (3) to make substantial
reductions in excessive
military spending and forces.
The USED shall promote a
policy that seeks to channel
funding toward growth and
development priorities and
away from unproductive
Law and date Directed
of Subject matter vote
enactmentb Required actions
expenditures, including
military spending.
Treasury shall instruct
the USED to use
aggressively his voice
and vote to enhance the
general effectiveness
of the IMF with respect
to numerous issues,
including exchange rate
stability, trade
liberalization,
Transparency, debt, antitrust reform, core
private sector, labor standards, social
trade, crisis safety nets, sound
lending, exchange banking principles,
rates, labor, the private sector
22 U.S.C. environment, burden-sharing,
9 262o-2 Oct. military spending, disclosure of market No
21, 1998 sound banking, information, debt,
social safety nets, crises lending, good
good governance, governance, procurement
corruption, the reform, corruption and
poor, and ethnic bribery, drugrelated
and social strife money laundering,
excessive military
spending, ethnic and
social strife,
environmental
protection,
transparency, and
microenterprise
lending, especially to
the world's poorest
heavily indebted
countries.
Treasury shall instruct
the USED to use his
voice and vote to urge
the IMF to adopt
policies and procedures
10 22 Equal employment that ensure that the
U.S.C. Nov. 5, 1990 opportunities at IMF does not No
262p-4n the IMF discriminate against
any person on the basis
of race, ethnicity,
gender, color, or
religious affiliation
in any determination
related to employment.
Treasury shall direct
the USED to use his
voice and vote to bring
about the creation and
full implementation of
11 22 policies designed to
U.S.C. Aug. 23, Respect for promote respect for and No
262p-4o 1994 indigenous peoples full protection of the
territorial rights,
traditional economies,
cultural integrity,
traditional knowledge,
and human rights of
indigenous peoples.
Treasury shall direct
the USED to use his
voice and vote to urge
the IMF to adopt
policies to encourage
borrowing countries to
guarantee certain
internationally
recognized worker
rights and to include
12 22 Aug. 23, Internationally the status of such
U.S.C. 1994 recognized worker rights as an integral No
262p-4p rights part of the policy
dialogue with each
country. In addition,
the USED shall urge the
IMF to establish formal
procedures to screen
projects and programs
for any negative impact
in a borrowing country
with respect to those
rights.
Treasury shall instruct
the USED to use his
voice and vote to
13 22 Apr. 24, State support of oppose any loan for a
U.S.C. 1996 international country for which the Yes
262p-4q terrorism Secretary of State has
made a determination
that it is a terrorist
state.
Treasury may instruct
the USED to use
aggressively the voice
and vote of the U.S. to
require an auditing of
IMF disbursements to
ensure that no funds
are paid to persons who
commit, threaten to
commit, or support
terrorism. In addition,
14 22 if the President
U.S.C. Oct. 26, Terrorism determines that a No
262p-4r 2001 country has committed
to take actions that
contribute to efforts
of the U.S. to respond
to, deter, or prevent
acts of international
terrorism, Treasury may
instruct the USED to
use the voice and vote
of the U.S. to support
any loan or other use
of IMF funds for such
country.
Treasury should urge
the IMF to complete a
debt sustainability
analysis by December
31, 2000, and determine
eligibility for debt
relief for as many
countries under the
15 22 Nov. 29, modified Heavily
U.S.C. 1999 Debt relief Indebted Poor Countries No
262p-6 Initiative as possible.
Treasury should also
instruct the USED to
ensure that an external
assessment of the
Heavily Indebted Poor
Countries Initiative
takes place by December
31, 2001.
Treasury shall instruct
the USED to use his
voice and vote to
promote the IMF's
establishment of
poverty reduction
16 22 Nov. 29, Extended Structural policies and procedures
U.S.C. 1999 Adjustment Facility to support countries' No
262p-7 reform efforts under programs
developed and jointly
administered by the
World Bank and the IMF
containing those
components listed in
the mandate.
Page 10 GAO-04-928R Treasury Continues Its Formal Process to Promote U.S.
Policies
The USED
shall
recommend and
work for
Treasury changes in
shall IMF The USED Treasury
instruct the guidelines to shall shall
USED to seek Treasury Treasury In ensure the Treasury shall promote the The USED instruct the Treasury
to assure shall shall considering effectiveness encourage IMF The USED use of IMF shall work USED to shall
that no instruct the instruct the the policies of economic member shall notify programs to for adoption initiate instruct the
decision by USED to USED to work of the United adjustment countries to The USED the IMF that assist the of policies discussions USED to
the IMF encourage IMF in opposition States in programs by negotiate a shall it is U.S. Assistance private in the IMF to at the IMF actively
departs from staff to to financing foreign Basic considering dollar-Special notify the policy that to private sector in promote and propose oppose any
Personnel It shall be Treatment of U.S. policy Investment, formulate Countries for countries lending, the human the effect Dollar-Special Drawing Rights IMF that it the sector of any nation, exchange rate and vote for facility
Law and Directed 17 22 Dec. practices U.S. policy 18 22 Oct. creditors in regarding the 19 22 Oct. employment, economic 20 22 Oct. harboring either 21 22 July USED shall 22 22 Oct. needs and the program 23 22 Oct. Drawing Rights substitution 24 22 Oct. Membership is U.S. 25 22 Oct. Palestinian 26 22 Oct. El though 27 22 Nov. Exchange stability. 28 22 Nov. adoption of 29 22 Nov. involving
date of vote U.S.C. 19, at the that no No U.S.C. 10, debt comparability No U.S.C. 10, and basic stabilization No U.S.C. 10, international harboring No U.S.C. 31, give careful No U.S.C. 7, economic will have on No U.S.C. 7, substitution account in No U.S.C. 7, for Taiwan policy that No U.S.C. 7, Liberation No U.S.C. 7, Salvador, particularly No U.S.C. 30, rate Also, in No U.S.C. 30, Transparency procedures to No U.S.C. 30, use of IMF Yes
enactmentb 262t 1989 IMF initiatives, 286e-8 1978 rescheduling of treatment 286e-9 1978 human needs programs that 286e-11 1978 terrorists international 286k 1945 consideration 286s 1980 adjustment issues such 286u 1980 account which 286v 1980 in the IMF Taiwan be 286w 1980 Organization 286x 1980 Nicaragua, El Salvador 286y 1983 stability determining a 286z 1983 increase both 286aa 1983 credit by
discussions, or of public and foster a terrorists or to progress programs as jobs and equitable granted not be given and other and vote of the sharing any
recommendations private broader base failing to made in investment. burden-sharing appropriate membership nations Nicaragua, assistance to of communist
concerning the creditors in of productive take measures reaching The USED would exist membership or other in creating any IMF information dictatorship
placement or cases of debt investment to prevent agreement shall also among in the IMF. status at an borrower, the among IMF unless
removal of any rescheduling and acts of among nations work toward participants the IMF. environment USED shall members and certain
personnel where employment, international to reduce improved in the that will take into the public conditions
employed by the official U.S. especially in terrorism. restrictions coordination account. stabilize a account dissemination are met.
IMF shall be credits are those on among the nation's whether the of certain
based on the involved. productive international IMF, the Denial of economy. borrower's IMF
political activities trade and World Bank, membership policies are information
Subject philosophy or that are International promote and other for the consistent concerning Denial of
matter activity of designed to trade and international appropriate Palestinian with certain international lending to
Required that meet basic economic economic institutions Liberation IMF borrowing and communist
actions individual. human needs. stability stability. in this area. Organization requirements. lending. dictatorships
Page 11 GAO-04-928R Treasury Continues Its Formal Process to Promote U.S.
Policies
Treasury shall
instruct the
USED to
consult with
the IMF to The USED
Treasury reduce shall use
shall obstacles to Treasury his voice
instruct the and shall Treasury and vote to
USED to restrictions instruct the shall urge the IMF
oppose and upon USED to seek instruct the to continue
vote against international policy USED to to develop
Treasury any IMF trade and changes at promote an economic
shall drawing by a Treasury shall Treasury investment in the IMF that regularly methodology
instruct the member instruct the shall goods and will result and to measure
USED to The USED shall country that USED to instruct the services, in a review vigorously the level of
propose and recommend and would be propose that USED to eliminate of policy in program military
work for the shall work for used to the IMF adopt propose and unfair trade prescriptions and quota spending by
adoption of changes in IMF repay loans policies with work for the and investment implemented increase every
an IMF guidelines and imprudently respect to adoption of practices, and by the IMF to discussions developing
policy Trade, policies that made by international IMF policies promote determine a variety of country. The
Elimination encouraging bank encourage banking lending, regarding the mutually Impact of both if IMF IMF policy policy Measures USED shall
Law and 30 22 Nov. of predatory members to 31 22 Nov. solvency, countries to 32 22 Nov. Bank institutions 33 22 Nov. International including a 34 22 Nov. IMF rate of 35 22 Nov. Elimination advantageous 36 22 Dec. IMF objectives 37 22 Oct. concerning proposals 38 22 Oct. to also urge 39 22 Nov.
date of Directed U.S.C. 30, agricultural eliminate No U.S.C. 30, and formulate Yes U.S.C. 30, bailouts and to a member Yes U.S.C. 30, lending and policy to No U.S.C. 30, interest remuneration No U.S.C. 30, of trade and economic No U.S.C. 19, programs on were met and No U.S.C. 24, transparency, including a No U.S.C. 24, reduce the IMF to No U.S.C. 29, Debt No
enactmentb vote 286bb 1983 export all 286cc 1983 external economic 286dd 1983 debt country, and 286ee 1983 external examine the 286ff 1983 rates paid on use 286gg 1983 investment relations. The 286kk 1989 the poor the social 286ll 1992 the poor, and proposal 286mm 1992 military provide 286nn 1999 reduction
subsidies predatory debt adjustment rescheduling to ensure indebtedness trend and of members' restrictions USED shall and the and the designed to spending annual
agricultural servicing programs that that the IMF volume of quota also work to environment environmental environment alleviate reports that
export deal with their encourages external subscriptions have the IMF impacts of poverty, estimate the
subsidies balance-ofpayment borrowing indebtedness and the rate obtain such promote level of Treasury is
that might difficulties and countries of private and of charges on agreement with prescriptions policy military authorized
result in external debt and banking public IMF drawings countries to and the audits in spending by to instruct
the owed to private institutions borrowers in to bring eliminate establishment the areas of each the USED to
reduction of banks. The USED to Article IV those in line certain unfair of procedures poverty and developing vote to
other member shall also oppose renegotiate consultations. with market trade and to ensure the country and approve the
countries' and vote against a rates. investment that policy environment, urge the IMF sale of
exports. fund assistance rescheduling practices and options that and allow to include gold such
for a country of debt that shall take a reduce the public in every that
whose annual is country's potential access to Article IV proceeds
external debt consistent progress into adverse certain IMF consultation can be used
services exceed with safe account in impact on the information. with such toward debt
85 percent of its and sound formulating poor or the countries an reduction
annual export banking its position environment analysis on for the
earnings, unless practices on requests are included this issue. Heavily
Subject Treasury can and the for loans for in future Indebted
matter document why an country's periodic economic Poor
Required exception should ability to financial reform Countries
actions be given. pay. disbursements. programs. Initiative.
Page 12 GAO-04-928R Treasury Continues Its Formal Process to Promote U.S.
Policies
The U.S.
government
shall oppose
the extension
of any IMF
loan or
financial or
technical
assistance to
any country
that the The United
President States shall
determines oppose any IMF
either loan or
delivers financial or
nuclear The United technical
reprocessing States shall assistance to
equipment, oppose, in either a
material, or accordance foreign
technology to with 22 government or
any country U.S.C. 262d, any foreign
or receives the extension person,
Treasury such of any loan officer, or
Treasury shall equipment, or financial employee of
shall instruct materials, or or technical the
instruct the the USED to technology assistance to Organization
USED to vote use the from another any country for the
against any voice, country, or that the Prohibition of
use of IMF (P.L. vote, and is a Sanctions President U.S. Chemical
funds for 43 22 107-228, influence Nuclear nonnuclear against determines liability, Weapons whose
Law and Directed 40 22 Nov. 41 22 Dec. Integration 42 22 Apr. Expropriation the benefit U.S.C. sec. East of the 44 22 Apr. transfers state that 45 22 Dec. use of uses chemical 46 22 Mar. Opposition 47 22 Apr. Nuclear 48 22 Oct. Religious 49 22 Oct. confidential actions taken
date of vote U.S.C. 6, No U.S.C. 30, of women No U.S.C. 30, of U.S. of any Yes 2656 633, Timor United No U.S.C. 30, and exports from Yes U.S.C. 4, chemical or biological Yes U.S.C. 12, to Cuban Yes U.S.C. 30, nonproliferation Yes U.S.C. 27, freedom Yes U.S.C. 21, business in the Yes
enactmentb 286oo 2000 2225 1974 2370a 1994 property country that note Sept. States to 2799aa-1 1994 illegal the United 5605 1991 and weapons 6034 1996 membership 6302 1994 6445 1998 6713 1998 information, implementation
has, after 30, support exports States biological either in and chemical of the
1956, 2002) economic illegally any weapons violation of weapons Chemical
Treasury is nationalized and material, international Weapons
requested to or democratic equipment, or law or Convention
instruct the expropriated development technology against its make the
It is the policy of USED to U.S. in East that would own United States
the United States encourage and property Timor. contribute nationals. liable, or who
to work to promote the without significantly The President knowingly
implement reforms integration compensation to its may waive divulge U.S.
in the IMF to of women into or adequate ability to application confidential
achieve the the national arbitration, manufacture a of this Treasury shall business
following goals: economies of unless the nuclear section under instruct the Treasury shall information,
primarily using IMF member funds are explosive certain USED to use instruct the USED or in the case
short-term countries and directed to device and conditions. the voice and to use the voice The President of a
balance-of-payments into programs will be used vote of the and vote of the shall instruct government,
financing, limiting professional that serve for such a United States United States to the USED to encourage or
the use of positions the basic device. The to oppose oppose any use of oppose and vote assist a
medium-term within the human needs President may admission of IMF funds to against loans person in
financing, IMF of the waive Cuba as a promote the primarily making such
introducing premium organization. citizens of application member of the acquisition of benefiting a disclosures.
pricing for lending In addition, that of this IMF until the unsafeguarded foreign
that is greater Treasury is country, or section with President special nuclear government,
than 200 percent of to take any the respect to submits a material or the agency,
a member's quota in progress or President India and determination development, instrumentality,
Short- and the IMF, and lack of waives this Pakistan that a stockpiling, or or official
medium-term redressing cases of progress into prohibition under certain democratically use of any nuclear determined by
Subject financing, misreporting of account when on the basis conditions. elected explosive device the President to
matter misreporting, information in the making of U.S. (See P.L. government is by any be a violator of
Required and premium context of IMF contributions national 106-79, sec. in power in non-nuclear-weapon religious
actions pricing programs. to the IMF. interests. 9001.) Cuba. state. freedoms.
Page 13 GAO-04-928R Treasury Continues Its Formal Process to Promote U.S.
Policies
If the
President
certifies to
the
appropriate
congressional
committees
that certain
condition have
been met in
Zimbabwe,
including the
restoration of
The President the rule of
will instruct law and a
the USED to commitment to
vote against, equitable,
and to use legal, and
his best transparent
efforts to Treasury land reform,
deny, any shall then the
loan or other instruct the Treasury
use of IMF USED to vote should direct Treasury shall
funds for the against any the USED to instruct the
subsequent utilization propose to USED to oppose
fiscal year of IMF funds undertake and vote against
to a country for Burma financial and extending any
that fails to Treasury until such technical IMF loan or
Treasury shall comply or is shall time as the support for financial or
instruct the not making instruct the President Zimbabwe, technical
USED to use the significant USED to use certifies to especially assistance to
voice and vote efforts to the voice and Congress support that Burma until
of the United bring itself vote of the that Burma is intended to certain
States to into United States has made promote After April conditions are
support projects compliance to oppose any measurable Zimbabwe's 10, 2003, met, including
(P.L. in Tibet, so with the IMF and economic and every 6 note that the SPDC
50 22 107-228, long as the minimum 52 50 assistance to 570, Burma and sustainable 504, recovery and 6, months (P.L. Burmese has made
Law and Directed U.S.C. sec. projects are 51 22 Oct. Combat standards for U.S.C. Serbia or the 53 P.L. Sep. human progress in 54 Nov. IMF Treasury shall 55 P.L. Dec. development, 56 P.L. Oct. thereafter, 57 50 108-61, Freedom substantial
date of vote 6901 616, Tibet designed in No U.S.C. 28, trafficking the Yes 1701 Montenegro governments Yes 104-208, 30, rights and improving Yes P.L.106-113, 29, Operational instruct the No 107-99, 21, Zimbabwe the Yes 107-245, 21, Sudan if the Yes U.S.C. sec. 5, and progress to end Yes
enactmentb note Sep. 30, accordance with 7107 2000 in persons elimination note of Serbia or sec. 1996 democratic human rights sec. 1999 Budget USED to use sec. 4, 2001 stabilization sec. 2002 President 1701 Jul. Democracy human rights
2002) certain of Montenegro, government practices the voice and of the certifies 28, Act violations, to
enumerated trafficking except for and vote and Zimbabwean that the 2003) implement a
principles, such in persons. basic human implementing influence of dollar, and government democratic
as that the If certain needs or a democratic the U.S. to the viability of Sudan has government, and
project fosters requirements unless a government urge of Zimbabwe's not engaged that Burma is
self-sufficiency are met, this proper waiver in Burma, or vigorously the democratic in good not designated
and mandate does or the IMF both to institutions. faith as a country
self-reliance of not apply to certification President publish the Until the negotiations that has failed
Tibetans. humanitarian is made. waives the operational President to achieve a demonstrably to
assistance, sanction by budgets of the makes a permanent adhere to its
trade-related certifying IMF on a certification, and just obligations
assistance, to Congress quarterly however, and peace under
or that the basis, not except as may agreement, international
development sanction is later than one be required to or has counternarcotics
assistance contrary to year after the meet basic unreasonably agreements.
and can be U.S. end of the human needs or interfered
waived by the national period covered for good with
President if interests. by the budget, governance, humanitarian
the and to the Treasury efforts in
continuation continue to shall instruct Sudan, then
of assistance forgo the USED to the Treasury
is in the reimbursements oppose and shall
national of the vote against instruct the
interest. expenses any IMF loan, USED to
incurred by credit, or continue to
(P.L. the IMF in guarantee to vote
103-160, administering the government against, and
sec. the Enhanced of Zimbabwe or actively
1511, Structural any oppose, any
Nov. 30, Adjustment cancellation extension of
1993 & Facility, or reduction any IMF
P.L. until the of loan,
104-208, Heavily indebtedness credit, or
Subject sec. Indebted Poor owed by the guarantee to
matter 540, Countries government of the
Required Feb. 12, initiative is Zimbabwe to government
actions 1996) terminated. the IMF. of Sudan.
Page 14 GAO-04-928R Treasury Continues Its Formal Process to Promote U.S.
Policies
No funds
appropriated
by the Foreign
Operations,
Export
Financing, and Treasury shall
Related instruct the
Programs Treasury shall USED to vote
Appropriations instruct the against any new
Act, 2004, may USED to vote project
be made as against any involving the
payment to the extension of extension of
Provisions IMF while the any IMF loans financial or
of law that USED is Treasury to the Treasury technical
direct the compensated by shall Treasury government of Treasury shall should assistance to Treasury shall
United the IMF at a instruct shall Zimbabwe, instruct the instruct any country instruct the After March
States rate that, the USED to instruct except to meet USED to use the the USED whose USED to oppose 31, 2004,
government together with use the the USED to basic human voice and vote to use the authorities have any loan, grant, Treasury
to vote the voice and oppose and needs or to of the United voice and failed, as strategy, or should
against or compensation vote of the vote promote States to vote of determined by policy of the instruct
oppose the USED United against democracy, support projects the United the Secretary of IMF that would the USED to
loans or receives from States to extending unless the in Tibet, if the States to Countries State, to take require user support
1503, other use 501, the United 514, Trade, oppose any 531, IMF loans 557, Secretary of 558, projects do not 561, oppose 570, providing necessary and 571, fees or service 572, loans and
Law and Directed 58 P.L. Apr. Lifting of funds, 59 P.L. Jan. Compensation States, is in 60 P.L. Jan. mining, and IMF 61 P.L. Jan. or 62 P.L. Jan. State 63 P.L. Jan. provide 64 P.L. Jan. loans to 65 P.L. Jan. sanctuary significant 66 P.L. Jan. User charges on poor 67 P.L. Jan. assistance
date of vote 108-11, 16, of Iraqi including No 108-199, 23, for the USED excess of the No 108-199, 23, surplus assistance Yes 108-199, 23, Burma financial Yes 108-199, 23, Zimbabwe determines and Yes 108-199, 23, Tibet incentives for No 108-199, 23, Cambodia the Yes 108-199, 23, to steps to Yes 108-199, 23, fees people for Yes 108-199, 23, Serbia to the Yes
enactmentb sec. 2003 Sanctions for sec. 2004 rate provided sec. 2004 commodities for the sec. 2004 or sec. 2004 certifies to sec. 2004 migration and sec. 2004 central sec. 2004 indicted apprehend and sec. 2004 primary sec. 2004 Yugoslavian
financial for an production technical the Committees settlement of government war transfer to the education or government
or individual or assistance on non-Tibetans of criminals International primary subject to
technical occupying a extraction or any Appropriations into Tibet or Cambodia, Criminal healthcare, certain
assistance, position at of any other that the rule facilitate the except Tribunal for the including conditions,
in the IMF level IV of commodity utilization of law has transfer of loans to former prevention and including
for Iraq the Executive or mineral of IMF been restored ownership of support Yugoslavia all treatment that the
shall not Schedule under for export, funds to in Zimbabwe, Tibetan land and basic persons indicted efforts for Yugoslavian
be 5 U.S.C. 5315, if it is in and for including natural human by the Tribunal Human government
construed or while the surplus on Burma. respect for resources to needs. and to otherwise Immunodeficiency is taking
as applying alternate U.S. world ownership and non-Tibetans; cooperate with Virus/Acquired steps
to Iraq. Director is markets and title to are based on a the Tribunal. Immune consistent
compensated by if the property and thorough needs This section Deficiency with the
the IMF at a assistance freedom of assessment; does not apply Syndrome, Dayton
rate in excess will cause speech and foster to humanitarian malaria, Peace
of the rate substantial association. self-sufficiency assistance and tuberculosis, Accord to
provided for injury to of the Tibetan assistance for and infant, end
an individual the U.S. people and democratization. child and financial,
occupying a producers respect for maternal political,
position at of the Tibetan culture well-being, in security,
Subject level V of the same, and traditions; connection with and other
matter Executive similar, or and are subject the IMF's support
Required Schedule under competing to effective financing that served
actions 5 U.S.C. 5316. commodity. monitoring. program. to maintain
Law and date of Subject matter Directed
enactmentb Required vote
actions
separate Republika Srpska
institutions. With respect to
such loans, 22 U.S.C. 262k-1,
which requires transparency of
military budgets, shall not
apply.
Source: GAO.
Notes:
The information shown in this enclosure is based on a GAO analysis of
policy and directed vote legislative mandates concerning the IMF.
Mandates shown in bold represent mandates that were enacted since our last
report in February 2003 and simply replace older mandates that had
expired. Mandates shown in bold with a shaded background represent new
mandates that were added in recent legislation since our February 2003
report.
Mandates contained in FY 2004 Appropriations Acts remain in effect through
January 31, 2004, under a continuing resolution (P.L. 108-35, Making
Further Continuing Appropriations for the Fiscal Year 2004, and For Other
Purposes).
aTreasury puts mandates in three broad categories: "policy," "directed
vote," and "reporting". Policy mandates direct the United States to foster
or urge a certain policy at the IMF. Directed vote mandates instruct the
United States to "oppose" or "vote against" loans or other IMF assistance.
Reporting mandates are outside the scope of this report.
bThis column reports the original date of enactment. However, many of
these mandates were amended subsequent to this date.
Enclosure II
Examples of Broad Policies that Are Addressed in Multiple Lawsa
Page 16 GAO-04-928R Treasury Continues Its Formal Process to Promote U.S.
Policies
22
U.S.C.
286e-8
(Oct.
10,
1978)
22
U.S.C. 22
22 286cc U.S.C.
U.S.C. (Nov. 286kk 22
2225 P.L. 30, (Dec. U.S.C.
(Dec. 104-208, 1983) 19, 286mm
30, 22 sec. 570 22 22 22 1989) 22 (Oct.
1974) 22 U.S.C. (Sep. U.S.C. U.S.C. 22 U.S.C. U.S.C. 24,
U.S.C 286cc 30, 286dd 286kk U.S.C. 286e-9 286ll 1992)
262e (Nov. 1996) 50 (Nov. 22 (Dec. 22 22 262d (Oct. 22 (Oct. 22
(Oct. 3, 30, U.S.C. 30, U.S.C. 19, U.S.C. U.S.C. (Oct. 3, 10, U.S.C. 24, U.S.C.
1977) 22 1983) 1701 1983) 2225 1989) 286y 262o-1 1977) 22 1978) 262p-4p 1992) 22 262o-1
U.S.C. 22 note 22 (Dec. 22 (Nov. (Aug. U.S.C. 22 (Aug. U.S.C. Military (Aug.
Broad Administrative 262t U.S.C. (P.L. U.S.C. 30, U.S.C. Exchange 30, 23, 262p-4o U.S.C. 23, Poverty 262o-2 spending 23, Nuclear and
policy Law and personnel (Dec. Banking 286dd Burma 108-61, Debt 286ee Employment 1974) Environment 286ll rate 1983) Governance 1994) Human (Aug. Investment 286s Labor 1994) alleviation (Oct. and 1994) chemical
objective matters 19, (Nov. sec. 5 (Nov. 22 (Oct. stability 22 22 rights 23, (Oct. 22 and 21, military 22 nonproliferation
1989) 22 30, (July 30, U.S.C. 24, U.S.C. U.S.C. 1994) 7, U.S.C. education 1998) 22 audit U.S.C.
U.S.C. 1983) 28, 1983) 286e-9 1992) 262o-2 262o-2 P.L. 1980) 262o-2 U.S.C. 262k-1
262p-4n 22 2003)) 22 (Oct. 22 (Oct. (Oct. 104-208, 22 (Oct. 262p-7 (Sept.
(Nov. 5, U.S.C. P.L. U.S.C. 10, U.S.C. 21, 21, Sec. 570 U.S.C. 21, (Nov. 30,
1990) 262o-2 108-199, 262o-2 1978) 262o-2 1998) 1998) (Sept. 286gg 1998) 29, 1996) 22
P.L. (Oct. sec. 531 (Oct. (Oct. 30, (Nov. 1999) 22 U.S.C.
108-199, 21, (Jan. 21, 21, 1996) 30, P.L. U.S.C. 2799aa-1
sec. 501 1998) 23, 1998) 1998) 1983) 108-199, 262o-2 (Apr.
(Jan. 2004) 22 sec. 571 (Oct. 30,
23, U.S.C. (Jan. 21, 1994) 22
2004) 286nn 23, 1998) U.S.C.
(Nov. 2004) 6302
29, (Apr.
1999) 30,
22 1994) 22
U.S.C. U.S.C.
262p-6 6713
(Nov. (Oct.
29, 21,
1999) 1998)
Broad policy objective Law
22 U.S.C. 5605 (Dec. 4, 1991)
Religious freedom 22 U.S.C. 262d (Oct. 3, 1977) 22 U.S.C. 6445 (Oct.
27, 1998)
50 U.S.C. 1701 note (P.L. 103-160, sec. 1511 (Nov.
Serbia 30, 1993) & P.L. 104-208, sec. 540 (Feb. 12, 1996))
P.L. 108-199, sec. 572 (Jan. 23, 2004)
22 U.S.C. 262d (Oct. 3, 1977) 22 U.S.C. 286e-11
Terrorism (Oct. 10, 1978) 22 U.S.C. 262p-4q (Apr. 24, 1996)
22 U.S.C. 262p-4r (Oct. 26, 2001)
Tibet 22 U.S.C. 6901 note (P.L. 107-228, sec. 616 (Sep.
30, 2002)) P.L. 108-199, sec. 558 (Jan. 23, 2004)
22 U.S.C. 286k (July 31, 1945) 22 U.S.C. 286bb
(Nov. 30, 1983) 22 U.S.C. 286cc (Nov. 30, 1983) 22
Trade U.S.C. 286gg (Nov. 30, 1983) 22 U.S.C. 262k (Aug.
15, 1985) 22 U.S.C. 262h (Oct. 15, 1986) 22 U.S.C.
262n-3 (Oct. 21, 1998) 22 U.S.C. 262o-2 (Oct. 21,
1998) P.L. 108-199, sec. 514 (Jan. 23, 2004)
Transparency 22 U.S.C. 286z (Nov. 30, 1983) 22 U.S.C. 286ll
(Oct. 24, 1992) 22 U.S.C. 262o-2 (Oct. 21, 1998)
Use of IMF resources 22 U.S.C. 286u (Oct. 7, 1980) 22 U.S.C. 286ff (Nov.
30, 1983) 22 U.S.C. 286oo (Nov. 6, 2000)
Women's issues 22 U.S.C. 2225 (Dec. 30, 1974) 22 U.S.C. 262k-2
(Sept. 30, 1996)
Zimbabwe P.L. 107-99, sec. 4 (Dec. 21, 2001) P.L. 108-199,
sec. 557 (Jan. 23, 2004)
Source: GAO.
Notes:
The information shown in this enclosure is based on a GAO analysis of
policy and directed vote legislative mandates concerning the IMF.
Mandates shown in bold represent mandates that were enacted since our last
report in February 2003. Some of these mandates simply replace older
mandates that had expired, while other mandates cover new topics.
aTreasury puts mandates in three broad categories: "policy," "directed
vote," and "reporting". Policy mandates direct the United States to foster
or urge a certain policy at the IMF. Directed vote mandates instruct the
United States to "oppose" or "vote against" loans or other IMF assistance.
Reporting mandates are outside the scope of this report.
Enclosure III Comments from the Department of the Treasury
(320275)
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