International Financial Institution Reform and Authorization Act of 1997

Summary: International Financial Institution Reform and Authorization Act of 1997 - Amends the International Development Association Act to authorize appropriations, without fiscal year limitation, for the U.S. contribution to the 11th replenishment of the resources of the International Development Association. 
Amends the Asian Development Bank Act to authorize the U.S. Governor of the Asian Development Bank to contribute on behalf of the United States a specified amount to the Asian Development Fund. Authorizes appropriations. 
Amends the European Bank for Reconstruction and Development Act to authorize the U.S. Governor of the European Bank for Reconstruction and Development to subscribe on behalf of the United States to specified additional shares of the Bank's capital stock.  Authorizes appropriations without fiscal year limitation. 
Amends the Inter-American Development Bank Act to authorize appropriations, without fiscal year limitation, for the U.S. capital subscription to the eighth general increase in the authorized capital stock of the Inter-American Development Bank. 
Amends the Bretton Woods Agreements Act to authorize the U.S. Governor of the International Monetary Fund (IMF) to contribute on behalf of the United States a specified amount to the Interest Subsidy Account of the successor to the Enhanced Structural Adjustment Facility of the IMF.  Authorizes appropriations without fiscal year limitation. 
Increases:  (1) the amount of loans (equivalent to Special Drawing Rights) the Secretary of the Treasury is authorized to make to the IMF; and (2) the authorization of appropriations for such loans.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``International Financial Institution 
Reform and Authorization Act of 1997''.

SEC. 2. INTERNATIONAL DEVELOPMENT ASSOCIATION.

    The International Development Association Act (22 U.S.C. 284 et 
seq.) is amended by adding at the end the following:

``SEC. 22. ELEVENTH REPLENISHMENT.

    ``(a) In General.--The United States Governor is hereby authorized 
to agree on behalf of the United States to pay to the Association 
$1,600,000,000 for the eleventh replenishment of the resources of the 
Association, subject to obtaining the necessary appropriations.
    ``(b) Limitations on Authorization of Appropriations.--In order to 
pay for the United States contribution provided for in subsection (a), 
there are authorized to be appropriated, without fiscal year 
limitation, $1,600,000,000 for payment by the Secretary of the 
Treasury.''.

SEC. 3. ASIAN DEVELOPMENT BANK.

    The Asian Development Bank Act (22 U.S.C. 285 et seq.) is amended 
by adding at the end the following:

``SEC. 31. ADDITIONAL CONTRIBUTION TO SPECIAL FUNDS; AUTHORIZATION OF 
              APPROPRIATIONS.

    ``(a) The United States Governor of the Bank is authorized to 
contribute on behalf of the United States $400,000,000 to the Asian 
Development Fund, a special fund of the Bank; except that any 
commitment to make such contributions shall be made subject to 
obtaining the necessary appropriations.
    ``(b) In order to pay for the United States contribution provided 
for in subsection (a), there are authorized to be appropriated, without 
fiscal year limitation, $400,000,000 for payment by the Secretary of 
the Treasury.''.

SEC. 4. EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT.

    The European Bank for Reconstruction and Development Act, section 
562(c) of Public Law 101-513 (22 U.S.C. 209l et seq.), is amended by 
adding at the end the following:
            ``(12) Participation in a general capital increase.--
                    ``(A) Participation in a capital increase.--The 
                United States participation in a general capital 
                increase of the Bank under Chapter II, Article 4(3) of 
                the Agreement, is hereby authorized.
                    ``(B) Increase in the united states capital 
                subscription.--The United States Governor of the Bank 
                is authorized to subscribe on behalf of the United 
                States to 100,000 additional shares of the capital 
                stock of the Bank as part of a general capital 
                increase, subject to obtaining the necessary 
                appropriations.
                    ``(C) Limitation on authorization of 
                appropriations.--To pay for the increase in the United 
                States capital subscription as provided in subparagraph 
                (B), there are hereby authorized to be appropriated, 
                without fiscal year limitation, $1,270,100,000 for 
                payment by the Secretary of the Treasury.''.

SEC. 5. INTER-AMERICAN DEVELOPMENT BANK.

    The Inter-American Development Bank Act (22 U.S.C. 283 et seq.) is 
amended by adding at the end the following:

``SEC. 39. CAPITAL INCREASE; SUBSCRIPTION AND CONTRIBUTION AUTHORITY.

    ``For payment by the Secretary of the Treasury for the United 
States capital subscription as part of the eighth general increase in 
the authorized capital stock of the Bank, there are authorized to be 
appropriated, without fiscal year limitation--
            ``(1) $76,832,001, for payment for paid-in shares of the 
        Bank; and
            ``(2) $4,511,156,729, for payment for callable shares of 
        the Bank.''.

SEC. 6. INTEREST SUBSIDY ACCOUNT OF THE SUCCESSOR TO THE ENHANCED 
              STRUCTURAL ADJUSTMENT FACILITY OF THE INTERNATIONAL 
              MONETARY FUND.

    The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended 
by adding at the end the following:

``SEC. 61. CONTRIBUTION TO THE INTEREST SUBSIDY ACCOUNT OF THE 
              SUCCESSOR TO THE ENHANCED STRUCTURAL ADJUSTMENT FACILITY 
              OF THE INTERNATIONAL MONETARY FUND.

    ``(a) Contribution Authorized.--
            ``(1) In general.--Subject to paragraph (2), the United 
        States Governor of the Fund may contribute $75,000,000 to the 
        Interest Subsidy Account of the successor to the Enhanced 
        Structural Adjustment Facility of the Fund on behalf of the 
        United States.
            ``(2) Condition.--The contribution authorized in paragraph 
        (1) shall be effective only to such extent or in such amounts 
        as are provided in advance in appropriations Acts.
    ``(b) Limitation on Authorization of Appropriations.--To pay for 
the contribution authorized in subsection (a), there are authorized to 
be appropriated not to exceed $75,000,000, without fiscal year 
limitation, for payment by the Secretary of the Treasury.''.

SEC. 7. NEW ARRANGEMENTS TO BORROW FROM THE INTERNATIONAL MONETARY 
              FUND.

    Section 17 of the Bretton Woods Agreements Act (22 U.S.C. 286e-2 et 
seq.) is amended--
            (1) in subsection (a)--
                    (A) by striking ``and February 24, 1983'' and 
                inserting ``February 24, 1983, and January 27, 1997''; 
                and
                    (B) by striking ``4,250,000,000'' and inserting 
                ``6,712,000,000'';
            (2) in subsection (b), by striking ``4,250,000,000'' and 
        inserting ``6,712,000,000''; and
            (3) in subsection (d)--
                    (A) by inserting ``or the Decision of January 27, 
                1997,'' after ``February 24, 1983,''; and
                    (B) by inserting ``or the New Arrangements to 
                Borrow, as applicable'' before the period at the end.