Robust International Response to Pandemic Act

To ensure international financial institution support for a robust international response to the global COVID-19 pandemic. 1. Short title This Act may be cited as the Robust International Response to Pandemic Act 2. Support for a robust global response to the COVID-19 pandemic (a) United states policies at the international financial institutions (1) In general The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States in the respective institution— (A) to seek to ensure adequate fiscal space for world economies in response to the global COVID-19 pandemic through the suspension of all debt service payments to the institution, and the relaxation of fiscal targets for any government operating a program supported by such an institution and for any government who seeks financing from such an institution in response to the pandemic; and (B) to oppose the approval or endorsement of any loan, grant, document, or strategy that would lead to a decrease in health care spending or in any other spending that would impede the ability of any country to prevent or contain the spread of, or treat persons who are or may be infected with, the COVID-19 virus. (2) IMF issuance of Special Drawing Rights The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to use the voice and vote of the United States to support the issuance of a special allocation of at least 3,000,000,000,000 Special Drawing Rights so that governments are able to access additional resources to finance their response to the global COVID-19 pandemic. (b) Report required The Chairman of the National Advisory Council on International Monetary and Financial Policies shall include in the annual report required by section 1701 of the International Financial Institutions Act a description of progress made toward advancing the policies described in subsection (a) of this section. (c) Sunset Subsections (a) and (b) of this section shall have no force or effect after the earlier of— (1) the date that is 1 year after the date of the enactment of this Act; or (2) 30 days after the date that the Secretary of the Treasury reports to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate that the COVID-19 virus is no longer a serious threat to public health in any part of the world.

Summary: Robust International Response to Pandemic Act This bill requires each U.S. Executive Director at an international financial institution to take certain actions in support of the global response to COVID-19 (i.e., coronavirus disease 2019). Specifically, each U.S. Executive Director at an international financial institution (e.g., the International Bank for Reconstruction and Development or the International Finance Corporation) must (1) seek the suspension of debt service payments to the institution and the relaxation of fiscal targets for certain programs, and (2) oppose programs or loan agreements that would reduce countries' health care spending or other spending related to their responses to COVID-19. Further, the U.S. Executive Director at the International Monetary Fund must support the issuance of Special Drawing Rights (a currency support tool) so that governments may access additional resources to finance their responses to COVID-19.