II 

117TH CONGRESS 

2D SESSION S. 4617 

To authorize contributions to international financial institutions to help build 

the resilience of member countries, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 26, 2022 

Mr. MENENDEZ introduced the following bill; which was read twice and 

referred to the Committee on Foreign Relations 

A BILL 

To authorize contributions to international financial institutions to help build the resilience of member countries, 

and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘International Financial 

5 Institutions Mobilization Act of 2022’’. 

6 SEC. 2. STATEMENT OF POLICY ON UNITED STATES LEAD7 ERSHIP AT INTERNATIONAL FINANCIAL IN8 STITUTIONS. 

9 It is the policy of the United States— 


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1 (1) to recognize rising debt stock in emerging 

2 market and developing countries as a national secu3 rity and economic security threat and raise its im4 portance in multilateral fora; 

5 (2) to leverage the voice and vote of the United 

6 States at international financial institutions to pre7 vent future unsustainable debt stocks in emerging 

8 market and developing countries; 

9 (3) to promote rule-writing standards for trans10 parency and disclosure that hold both debtors and 

11 creditors accountable, allow accurate debt sustain12 ability assessments, and promote better debt man13 agement; 

14 (4) to lead the international community in 

15 translating the G20 Common Framework for Debt 

16 Treatments beyond the Debt Service Suspension Ini17 tiative (commonly known as the ‘‘Common Frame18 work’’) into tangible action, including effective 

19 standstill for debt payments and credit revisions for 

20 petitioner countries and finalizing the debt treat21 ment for the petitioner countries, beginning with 

22 Chad, Ethiopia, and Zambia; 

23 (5) to reduce timelines and increase confidence 

24 in outcomes for the Common Framework so that 

25 private creditors continue to provide sufficient fiVerDate Sep 11 2014 02:00 Jul 30, 2022 Jkt 029200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4617.IS S4617

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1 nances to petitioner countries and other countries 

2 witness the benefits of petitioning; 

3 (6) to expand the Common Framework and 

4 offer its financial assistance to other heavily in5 debted lower-middle-income countries, beyond those 

6 currently covered; 

7 (7) to cooperate with counterparts in the Group 

8 of Twenty (G20), international financial institutions, 

9 private credit rating agencies, and regulators to ex10 plore and develop new bond and loan contract 

11 issuance standards that authorize temporary suspen12 sions of debt services to both private and public 

13 creditors without triggering a default in crisis situa14 tions; 

15 (8) to engage with petitioner countries, before 

16 those countries exhaust their reserves, to strategize 

17 their ascension into the Common Framework and 

18 prevent further economic costs; 

19 (9) to leverage the voice and vote of the United 

20 States in the International Monetary Fund and the 

21 World Bank so that the Fund and the Bank com22 plete preliminary assessments of the debt relief 

23 needed by each country eligible for Common Frame24 work treatment before such countries petition for 

25 debt relief; 


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1 (10) that assessments described in paragraph 

2 (9) should— 

3 (A) include realistic growth and fiscal pro4 jections; 

5 (B) include implications of Common 

6 Framework debt relief; and 

7 (C) be based on accurate and comprehen8 sive debt data; 

9 (11) to support international financial institu10 tions lending into arrears for the Common Frame11 work in the case that private lenders fail to uphold 

12 their initial commitments; 

13 (12) to leverage the voice and vote of the 

14 United States at international financial institutions 

15 to promote and finance international initiatives to 

16 procure and deploy more affordable and accessible 

17 COVID–19 vaccinations and treatments for emerg18 ing market and developing countries; and 

19 (13) to address the near-term problems associ20 ated with the pandemic-induced global recession and 

21 longer term problems of unsustainable credit lending 

22 and borrowing that victimize emerging market and 

23 developing countries. 


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1 SEC. 3. LOANS TO INTERNATIONAL MONETARY FUND FA2 CILITIES AND TRUST FUNDS. 

3 (a) AUTHORIZATION OF APPROPRIATIONS.— 

4 (1) IN GENERAL.—There are authorized to be 

5 appropriated to the Secretary of the Treasury for 

6 fiscal year 2023, $20,000,000, for contribution to 

7 the Poverty Reduction and Growth Trust or the Re8 silience and Sustainability Trust of the International 

9 Monetary Fund. 

10 (2) AVAILABILITY OF AMOUNTS.—Amounts ap11 propriated pursuant to the authorization of appro12 priations under paragraph (1) shall remain available 

13 until December 31, 2031. 

14 (b) LOANS AUTHORIZED.— 

15 (1) IN GENERAL.—The Secretary of the Treas16 ury may make loans to the Poverty Reduction and 

17 Growth Trust or the Resilience and Sustainability 

18 Trust of the International Monetary Fund. 

19 (2) USE OF AMOUNTS.—Amounts described in 

20 paragraph (3) shall be available— 

21 (A) to cover the cost (as defined in section 

22 502 of the Congressional Budget Act of 1974 

23 (2 U.S.C. 661a)) of loans authorized under 

24 paragraph (1); and 


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1 (B) to subsidize gross obligations for the 

2 principal amount of such loans, not to exceed 

3 $21,000,000,000 in the aggregate. 

4 (3) AMOUNTS DESCRIBED.—Amounts described 

5 in this paragraph are— 

6 (A) amounts appropriated pursuant to the 

7 authorization of appropriations under sub8 section (a); and 

9 (B) amounts— 

10 (i) appropriated under the heading 

11 ‘‘Contributions to the International Mone12 tary Fund Facilities and Trust Funds’’ in 

13 any Act making appropriations for the De14 partment of State, foreign operations, and 

15 related programs for a fiscal year before 

16 fiscal year 2023; and 

17 (ii) available for obligation as of the 

18 date of the enactment of this Act. 

19 (4) AUTHORIZATION OF CERTAIN TRANS20 ACTIONS.—The Exchange Stabilization Fund estab21 lished under section 5302 of title 31, United States 

22 Code, and the financing account corresponding to 

23 transactions with the International Monetary Fund 

24 are authorized to enter into such transactions as are 


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1 necessary to effectuate loans authorized under para2 graph (1). 

3 SEC. 4. INTERNATIONAL DEVELOPMENT ASSOCIATION 

4 TWENTIETH REPLENISHMENT. 

5 The International Development Association Act (22 

6 U.S.C. 284 et seq.) is amended by adding at the end the 

7 following: 

8 ‘‘SEC. 32. TWENTIETH REPLENISHMENT. 

9 ‘‘(a) IN GENERAL.—The United States Governor of 

10 the International Development Association is authorized 

11 to contribute on behalf of the United States 

12 $3,500,000,000 to the twentieth replenishment of the re13 sources of the Association, subject to obtaining the nec14 essary appropriations. 

15 ‘‘(b) AUTHORIZATION OF APPROPRIATIONS.—In 

16 order to pay for the United States contribution provided 

17 for in subsection (a), there are authorized to be appro18 priated, without fiscal year limitation, $3,500,000,000 for 

19 payment by the Secretary of the Treasury.’’. 

20 SEC. 5. ASIAN DEVELOPMENT FUND TWELFTH REPLENISH21 MENT. 

22 The Asian Development Bank Act (22 U.S.C. 285 et 

23 seq.) is amended by adding at the end the following: 


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1 ‘‘SEC. 37. TWELFTH REPLENISHMENT. 

2 ‘‘(a) IN GENERAL.—The United States Governor of 

3 the Bank is authorized to contribute, on behalf of the 

4 United States, $177,440,000 to the twelfth replenishment 

5 of the resources of the Fund, subject to obtaining the nec6 essary appropriations. 

7 ‘‘(b) AUTHORIZATION OF APPROPRIATIONS.—In 

8 order to pay for the United States contribution provided 

9 for in subsection (a), there are authorized to be appro10 priated, without fiscal year limitation, $177,440,000 for 

11 payment by the Secretary of the Treasury.’’. 

12 SEC. 6. SUPPORT FOR INTER-AMERICAN DEVELOPMENT 

13 BANK GROUP REFORM AND IDB INVEST CAP14 ITAL INCREASE. 

15 (a) SUPPORT FOR REFORM OF INTER-AMERICAN DE16 VELOPMENT BANK GROUP.—The Secretary of the Treas17 ury shall instruct the United States Executive Director of 

18 the Inter-American Development Bank (in this section re19 ferred to as the ‘‘Bank’’) to use the voice and vote of the 

20 United States to take steps to advance operational and 

21 institutional reforms to improve the effectiveness of the 

22 Inter-American Development Bank Group and accelerate 

23 modernization efforts that strengthen its responsiveness to 

24 the varied development challenges of the countries of 

25 Latin America and the Caribbean, with particular atten26 tion to enhancing the region’s ability to attract private inVerDate Sep 11 2014 02:00 Jul 30, 2022 Jkt 029200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\S4617.IS S4617

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1 vestment, increase social inclusion, and raise climate ambi2 tion. 

3 (b) SUPPORT FOR NEW BUSINESS MODEL FOR IDB 

4 INVEST.— 

5 (1) IN GENERAL.—The Secretary shall instruct 

6 the United States Executive Director of the Bank to 

7 use the voice and vote of the United States to take 

8 steps to advance a proposal for a new vision and 

9 business model for the Inter-American Investment 

10 Corporation (commonly known as ‘‘IDB Invest’’) to 

11 increase sustainable and inclusive private investment 

12 in Latin America and the Caribbean, including— 

13 (A) elaboration on the financial, resource, 

14 operational, and institutional implications, such 

15 as the potential recalibration of shareholding at 

16 the Board of Directors of IDB Invest, of imple17 menting the new vision and business model; and 

18 (B) as necessary, the redesign and modi19 fication of the management of IDB Invest to 

20 reflect the new vision and business model. 

21 (2) CONTINGENT SUPPORT FOR INCREASE IN

22 CAPITAL STOCK OF IDB INVEST.— 

23 (A) IN GENERAL.—If and when the 

24 Boards of Directors of the Bank and the IDB 

25 Invest endorse a proposal described in paraVerDate Sep 11 2014 02:00 Jul 30, 2022 Jkt 029200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\S4617.IS S4617

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1 graph (1), the Secretary shall commence nego2 tiations for an increase in the authorized capital 

3 stock of IDB Invest. 

4 (B) CONSULTATIONS.—The Secretary shall 

5 consult with the Committee on Foreign Rela6 tions of the Senate and the Committee on Fi7 nancial Services of the House of Representa8 tives regarding the progress of any negotiations 

9 described in subparagraph (A), including with 

10 respect to anticipated timelines for such nego11 tiations. 

12 (c) AUTHORIZATION TO SUBSCRIBE TO ADDITIONAL

13 SHARES OF STOCK OF IDB INVEST.— 

14 (1) SENSE OF CONGRESS.—It is the sense of 

15 Congress that the United States Governor to the 

16 Bank should use the voice and vote of the United 

17 States to take steps— 

18 (A) to redouble the commitment of the 

19 United States to IDB Invest and the Inter20 American Development Bank Group; and 

21 (B) to double the financial capacity of IDB 

22 Invest. 

23 (2) AUTHORIZATION.— 

24 (A) IN GENERAL.—After a decision by the 

25 Board of Governors of IDB Invest to increase 


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1 the authorized capital stock of IDB Invest, the 

2 United States Governor is authorized to sub3 scribe on behalf of the United States to addi4 tional shares of stock in such amounts as the 

5 Governor considers appropriate, subject to sub6 paragraph (B). 

7 (B) LIMITATION.—The United States Gov8 ernor may not subscribe on behalf of the United 

9 States to additional shares of stock in IDB In10 vest if such additional shares would result in 

11 the share of stock held by the United States in 

12 IDB Invest to exceed the share of stock held by 

13 the United States in the Bank. 

14 (3) REPORT REQUIRED.— 

15 (A) IN GENERAL.—Not later than 15 days 

16 after the conclusion of negotiations described in 

17 subsection (b)(2) and not less than 15 days be18 fore the United States Governor subscribes on 

19 behalf of the United States to additional shares 

20 of stock in IDB Invest under paragraph (2), 

21 the Secretary shall submit to the Committee on 

22 Foreign Relations of the Senate and the Com23 mittee on Financial Services of the House of 

24 Representatives a report setting forth— 


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1 (i) the amount of the proposed in2 crease in the capital stock of IDB Invest; 

3 (ii) the amount of shares proposed for 

4 subscription by the United States in con5 nection with the proposed increase; 

6 (iii) the share of the stock of IDB In7 vest held by each member country and the 

8 corresponding change in that share associ9 ated with the proposed increase; 

10 (iv) the anticipated increased financ11 ing levels to be achieved by the proposed 

12 increase; 

13 (v) the expected financial and oper14 ational impact of the proposed increase, in15 cluding a description of relevant institu16 tional reforms by IDB Invest; and 

17 (vi) a description of whether the Bank 

18 and IDB Invest are successfully respond19 ing to the mandates outlined by their re20 spective Boards of Governors in resolutions 

21 AG–7/22 and CII/AG–3/22 of March 28, 

22 2022. 

23 (4) AUTHORIZATION OF APPROPRIATIONS.— 

24 There are authorized to be appropriated such sums 

25 as may be necessary to pay for the subscription to 


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1 additional shares of stock in IDB Invest authorized 

2 by paragraph (2). 

Æ 


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