H.R.5085 - IMF Reform Act of 2000106th Congress (1999-2000)
Summary: H.R.5085 — 106th Congress (1999-2000)
IMF Reform Act of 2000 - Amends the International Financial Institutions Act to urge the President, in order to reduce long-term lending by the International Monetary Fund (IMF) and protect eligible poor countries from harmful IMF and International Bank for Reconstruction and Development (World Bank) policies, to commence immediate efforts, within the Paris Club of Official Creditors, the IMF, and other appropriate multilateral development institutions, to accomplish certain goals, including: (1) the cancellation of debts owed to the IMF by eligible poor countries (encouraging such countries to allocate 20 percent of their national budgets, including the savings from the cancellation of debt, for the provision of health care services, education services, and clean water services to individuals in their countries); (2) a bar on new IMF concessional loans, guarantees, insurance, or credits to any country that receives debt cancellation under this Act, or the privileging of the IMF as a creditor over the United States or private creditors by any country receiving new concessional loans; (3) a bar on IMF and World Bank policies harmful to eligible poor countries; and (4) a bar on the conditioning of debt cancellation to poor countries on any such country's adoption or implementation of any structural adjustment program.
Introduced in House (07/27/2000)
Urges the President, in order to promote equitable burden-sharing by bilateral, multilateral, and private creditors, to commence efforts to ensure that such creditors draw upon their own resources to finance debt reduction without diverting funds from other high priority poverty alleviation programs.
Prohibits the obligation of appropriated funds to the IMF and World Bank unless specified conditions are met.