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(c) ELIGIBLE PURCHASERS.—A loan may be sold
pursuant to subsection (a)(1)(A) only to a purchaser who
presents plans satisfactory to the President for using the
loan for the purpose of engaging in debt-for-equity swaps,
debt-for-development swaps, or debt-for-nature swaps.
(d) DEBTOR CONSULTATIONS.—Before the sale to
any eligible purchaser, or any reduction or cancellation
pursuant to this section, of any loan made to an eligible
country, the President should consult with the country
concerning the amount of loans to be sold, reduced, or
canceled and their uses for debt-for-equity swaps, debt-
for-development swaps, or debt-for-nature swaps.
(e) AVAILABILITY OF FUNDS.—The authority pro-
vided by subsection (a) may be used only with regard to
funds appropriated by this Act under the heading ‘‘Debt
restructuring ’’.
SANCTIONS AGAINST COUNTRIES HARBORING WAR
CRIMINALS
SEC. 559. (a) BILATERAL ASSISTANCE.—The Presi-
dent is authorized to withhold funds appropriated by this
Act under the Foreign Assistance Act of 1961 or the Arms
Export Control Act for any country described in sub-
section (c).
(b) MULTILATERAL ASSISTANCE.—The Secretary of
the Treasury should instruct the United States executive
directors of the international financial institutions to work
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in opposition to, and vote against, any extension by such
institutions of financing or financial or technical assist-
ance to any country described in subsection (c).
(c) SANCTIONED COUNTRIES.—A country described
in this subsection is a country the government of which
knowingly grants sanctuary to persons in its territory for
the purpose of evading prosecution, where such persons—
(1) have been indicted by the International
Criminal Tribunal for Rwanda, or any other inter-
national tribunal with similar standing under inter-
national law; or
(2) have been indicted for war crimes or crimes
against humanity committed during the period be-
ginning March 23, 1933 and ending on May 8, 1945
under the direction of, or in association with—
(A) the Nazi government of Germany;
(B) any government in any area occupied
by the military forces of the Nazi government
of Germany;
(C) any government which was established
with the assistance or cooperation of the Nazi
government; or
(D) any government which was an ally of
the Nazi government of Germany.
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LIMITATION ON ASSISTANCE FOR HAITI
SEC. 560. (a) LIMITATION.—Funds appropriated by
this Act may be made available for assistance for the Gov-
ernment of Haiti only if the President reports to the Com-
mittee on Appropriations and the Committee on Inter-
national Relations of the House of Representatives and
the Committee on Appropriations and the Committee on
Foreign Relations of the Senate that the Government of
Haiti—
(1) has completed privatization of (or placed
under long-term private management or concession)
three major public entities including the completion
of all required incorporating documents, the transfer
of assets, and the eviction of unauthorized occupants
of the land or facility;
(2) is cooperating with the United States in
halting illegal emigration from Haiti;
(3) is conducting thorough investigations of
extrajudicial and political killings and has made sub-
stantial progress in bringing to justice a person or
persons responsible for one or more extrajudicial or
political killings in Haiti, and is cooperating with
United States authorities and with United States-
funded technical advisors to the Haitian National
Police in such investigations;
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(4) has taken action to remove from the Hai-
tian National Police, national palace and residential
guard, ministerial guard, and any other public secu-
rity entity or unit of Haiti those individuals who are
credibly alleged to have engaged in or conspired to
conceal gross violations of internationally recognized
human rights or credibly alleged to have engaged in
or conspired to engage in narcotics trafficking; and
(5) is implementing the maritime counter-nar-
cotics agreements signed in October 1997.
(b) AVAILABILITY
OF ELECTORAL ASSISTANCE.—
Funds appropriated by this Act may be made available
to support elections in Haiti only if the President reports
to the Congress that the Government of Haiti:
(1) has achieved a transparent settlement of the
contested April 1997 elections; and
(2) has made concrete progress on the constitu-
tion of a credible and competent provisional electoral
council with the agreement of a broad spectrum of
diverse political parties.
(c) EXCEPTIONS.—The limitations in subsections (a)
and (b) shall not apply to the provision of—
(1) counter-narcotics assistance, support for the
Haitian National Police’s Special Investigations Unit
and anti-corruption programs, the International
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Criminal Investigative Assistance Program, and as-
sistance in support of Haitian customs and maritime
officials;
(2) food assistance management and support;
(3) assistance for urgent humanitarian needs,
such as medical and other supplies and services in
support of community health services, schools, and
orphanages; and
(4) not more than $3,000,000 for the develop-
ment and support of political parties.
(d) WAIVER.—At any time after 150 days from the
date of enactment of this Act, the Secretary of State may
waive the requirements contained in subsection (a)(1) if
she reports to the Committees specified in subsection (a)
that the Government of Haiti has satisfied the require-
ments of subsection (a)(1) with regard to one major public
entity.
(e) REPORTS.—The Secretary of State shall provide
to the Committees specified in subsection (a) on a quar-
terly basis—
(1) in consultation with the Secretary of De-
fense and the Administrator of the Drug Enforce-
ment Administration, a report on the status and
number of United States personnel deployed in and
around Haiti on Department of Defense, Drug En-
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forcement Administration, and United Nations mis-
sions, including displays by functional or operational
assignment for such personnel and the cost to the
United States of these operations; and
(2) the monthly reports, prepared during the
previous quarter, of the Organization of American
States/United Nations International Civilian Mission
to Haiti (MICIVIH).
REQUIREMENT FOR DISCLOSURE OF FOREIGN AID IN
REPORT OF SECRETARY OF STATE
SEC. 561. (a) FOREIGN AID REPORTING REQUIRE-
MENT.—In addition to the voting practices of a foreign
country, the report required to be submitted to Congress
under section 406(a) of the Foreign Relations Authoriza-
tion Act, fiscal years 1990 and 1991 (22 U.S.C. 2414a),
shall include a side-by-side comparison of individual coun-
tries’ overall support for the United States at the United
Nations and the amount of United States assistance pro-
vided to such country in fiscal year 1998.
(b) UNITED STATES ASSISTANCE.—For purposes of
this section, the term ‘‘United States assistance’’ has the
meaning given the term in section 481(e)(4) of the For-
eign Assistance Act of 1961 (22 U.S.C. 2291(e)(4)).
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State, territory, possession, or district of the United
States.
LIMITATION ON ASSISTANCE TO THE PALESTINIAN
AUTHORITY
SEC. 563. (a) PROHIBITION OF FUNDS.—None of the
funds appropriated by this Act to carry out the provisions
of chapter 4 of part II of the Foreign Assistance Act of
1961 may be obligated or expended with respect to provid-
ing funds to the Palestinian Authority.
(b) WAIVER.—The prohibition included in subsection
(a) shall not apply if the President certifies in writing to
the Speaker of the House of Representatives and the
President pro tempore of the Senate that waiving such
prohibition is important to the national security interests
of the United States.
(c) PERIOD
OF APPLICATION
OF WAIVER.—Any
waiver pursuant to subsection (b) shall be effective for no
more than a period of six months at a time and shall not
apply beyond twelve months after enactment of this Act.
LIMITATION ON ASSISTANCE TO THE GOVERNMENT OF
CROATIA
SEC. 564. None of the funds appropriated by title II
of this Act may be made available to the Government of
Croatia to relocate the remains of Croatian Ustashe sol-
diers, at the site of the World War II concentration camp
at Jasenovac, Croatia.
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LIMITATION ON ASSISTANCE TO SECURITY FORCES
SEC. 565. None of the funds made available by this
Act may be provided to any unit of the security forces
of a foreign country if the Secretary of State has credible
evidence that such unit has committed gross violations of
human rights, unless the Secretary determines and reports
to the Committees on Appropriations that the government
of such country is taking effective measures to bring the
responsible members of the security forces unit to justice:
Provided, That nothing in this section shall be construed
to withhold funds made available by this Act from any
unit of the security forces of a foreign country not credibly
alleged to be involved in gross violations of human rights:
Provided further, That in the event that funds are withheld
from any unit pursuant to this section, the Secretary of
State shall promptly inform the foreign government of the
basis for such action and shall, to the maximum extent
practicable, assist the foreign government in taking effec-
tive measures to bring the responsible members of the se-
curity forces to justice.
LIMITATIONS ON TRANSFER OF MILITARY EQUIPMENT TO
EAST TIMOR
SEC. 566. In any agreement for the sale, transfer,
or licensing of any lethal equipment or helicopter for Indo-
nesia entered into by the United States pursuant to the
authority of this Act or any other Act, the agreement shall
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state that the United States expects that the items will
not be used in East Timor: Provided, That nothing in this
section shall be construed to limit Indonesia’s inherent
right to legitimate national self-defense as recognized
under the United Nations Charter and international law.
RESTRICTIONS ON ASSISTANCE TO COUNTRIES PROVIDING
SANCTUARY TO INDICTED WAR CRIMINALS
SEC. 567. (a) BILATERAL ASSISTANCE.—None of the
funds made available by this or any prior Act making ap-
propriations for foreign operations, export financing and
related programs, may be provided for any country, entity
or canton described in subsection (d).
(b) MULTILATERAL ASSISTANCE.—
(1) PROHIBITION.—The Secretary of the Treas-
ury shall instruct the United States executive direc-
tors of the international financial institutions to
work in opposition to, and vote against, any exten-
sion by such institutions of any financial or technical
assistance or grants of any kind to any country or
entity described in subsection (d).
(2) NOTIFICATION.—Not less than 15 days be-
fore any vote in an international financial institution
regarding the extension of financial or technical as-
sistance or grants to any country or entity described
in subsection (d), the Secretary of the Treasury, in
consultation with the Secretary of State, shall pro-
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vide to the Committee on Appropriations and the
Committee on Foreign Relations of the Senate and
the Committee on Appropriations and the Commit-
tee on Banking and Financial Services of the House
of Representatives a written justification for the pro-
posed assistance, including an explanation of the
United States position regarding any such vote, as
well as a description of the location of the proposed
assistance by municipality, its purpose, and its in-
tended beneficiaries.
(3) DEFINITION.—The term ‘‘international fi-
nancial institution’’ includes the International Mone-
tary Fund, the International Bank for Reconstruc-
tion and Development, the International Develop-
ment Association, the International Finance Cor-
poration, the Multilateral Investment Guaranty
Agency, and the European Bank for Reconstruction
and Development.
(c) EXCEPTIONS.—
(1) IN GENERAL.—Subject to paragraph (2),
subsections (a) and (b) shall not apply to the provi-
sion of—
(A) humanitarian assistance;
(B) democratization assistance;
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(C) assistance for cross border physical in-
frastructure projects involving activities in both
a sanctioned country, entity, or canton and a
nonsanctioned contiguous country, entity, or
canton, if the project is primarily located in and
primarily benefits the nonsanctioned country,
entity, or canton and if the portion of the
project located in the sanctioned country, en-
tity, or canton is necessary only to complete the
project;
(D) small-scale assistance projects or ac-
tivities requested by United States Armed
Forces that promote good relations between
such forces and the officials and citizens of the
areas in the United States SFOR sector of Bos-
nia;
(E) implementation of the Brcko Arbitral
Decision;
(F) lending by the international financial
institutions to a country or entity to support
common monetary and fiscal policies at the na-
tional level as contemplated by the Dayton
Agreement; or
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(G) direct lending to a non-sanctioned en-
tity, or lending passed on by the national gov-
ernment to a non-sanctioned entity.
(2) FURTHER
LIMITATIONS.—Notwithstanding
paragraph (1)—
(A) no assistance may be made available
by this Act, or any prior Act making appropria-
tions for foreign operations, export financing
and related programs, in any country, entity, or
canton described in subsection (d), for a pro-
gram, project, or activity in which a publicly in-
dicted war criminal is known to have any finan-
cial or material interest; and
(B) no assistance (other than emergency
foods or medical assistance or demining assist-
ance) may be made available by this Act, or any
prior Act making appropriations for foreign op-
erations, export financing and related programs
for any program, project, or activity in a com-
munity within any country, entity or canton de-
scribed in subsection (d) if competent authori-
ties within that community are not complying
with the provisions of Article IX and Annex 4,
Article II, paragraph 8 of the Dayton Agree-
ment relating to war crimes and the Tribunal.
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(d) SANCTIONED COUNTRY, ENTITY, OR CANTON.—
A sanctioned country, entity, or canton described in this
section is one whose competent authorities have failed, as
determined by the Secretary of State, to take necessary
and significant steps to apprehend and transfer to the Tri-
bunal all persons who have been publicly indicted by the
Tribunal.
(e) WAIVER.—
(1) IN GENERAL.—The Secretary of State may
waive the application of subsection (a) or subsection
(b) with respect to specified bilateral programs or
international financial institution projects or pro-
grams in a sanctioned country, entity, or canton
upon providing a written determination to the Com-
mittee on Appropriations and the Committee on
Foreign Relations of the Senate and the Committee
on Appropriations and the Committee on Inter-
national Relations of the House of Representatives
that such assistance directly supports the implemen-
tation of the Dayton Agreement and its Annexes,
which include the obligation to apprehend and trans-
fer indicted war criminals to the Tribunal.
(2) REPORT.—Not later than 15 days after the
date of any written determination under paragraph
(e)(1), the Secretary of State shall submit a report
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to the Committee on Appropriations and the Com-
mittee on Foreign Relations of the Senate and the
Committee on Appropriations and the Committee on
International Relations of the House of Representa-
tives regarding the status of efforts to secure the
voluntary surrender or apprehension and transfer of
persons indicted by the Tribunal, in accordance with
the Dayton Agreement, and outlining obstacles to
achieving this goal.
(3) ASSISTANCE PROGRAMS AND PROJECTS AF-
FECTED.—Any waiver made pursuant to this sub-
section shall be effective only with respect to a speci-
fied bilateral program or multilateral assistance
project or program identified in the determination of
the Secretary of State to Congress.
(f ) TERMINATION
OF SANCTIONS.—The sanctions
imposed pursuant to subsections (a) and (b) with respect
to a country or entity shall cease to apply only if the Sec-
retary of State determines and certifies to Congress that
the authorities of that country, entity, or canton have ap-
prehended and transferred to the Tribunal all persons who
have been publicly indicted by the Tribunal.
(g) DEFINITIONS.—As used in this section—
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(1) COUNTRY.—The term ‘‘country’’ means
Bosnia-Herzegovina, Croatia, Serbia, and Montene-
gro.
(2) ENTITY.—The term ‘‘entity’’ refers to the
Federation of Bosnia and Herzegovina and the
Republika Srpska.
(3) CANTON.—The term ‘‘canton’’ means the
administrative units in Bosnia and Herzegovina.
(4) DAYTON AGREEMENT.—The term ‘‘Dayton
Agreement’’ means the General Framework Agree-
ment for Peace in Bosnia and Herzegovina, together
with annexes relating thereto, done at Dayton, No-
vember 10 through 16, 1995.
(5) TRIBUNAL.—The term ‘‘Tribunal’’ means
the International Criminal Tribunal for the Former
Yugoslavia.
(h) ROLE OF HUMAN RIGHTS ORGANIZATIONS AND
GOVERNMENT AGENCIES.—In carrying out this section,
the Secretary of State, the Administrator of the Agency
for International Development, and the executive directors
of the international financial institutions shall consult with
representatives of human rights organizations and all gov-
ernment agencies with relevant information to help pre-
vent publicly indicted war criminals from benefitting from
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any financial or technical assistance or grants provided to
any country or entity described in subsection (d).
ADDITIONAL REQUIREMENTS RELATING TO STOCKPILING
OF DEFENSE ARTICLES FOR FOREIGN COUNTRIES
SEC. 568. (a) VALUE
OF ADDITIONS
TO STOCK-
PILES.—Section 514(b)(2)(A) of the Foreign Assistance
Act of 1961 (22 U.S.C. 2321h(b)(2)(A)) is amended by
inserting before the period at the end the following: ‘‘and
$340,000,000 for fiscal year 1999’’.
(b) REQUIREMENTS RELATING TO THE REPUBLIC OF
KOREA AND THAILAND.—Section 514(b)(2)(B) of such
Act (22 U.S.C. 2321h(b)(2)(B)) is amended by adding at
the end the following: ‘‘Of the amount specified in sub-
paragraph (A) for fiscal year 1999, not more than
$320,000,000 may be made available for stockpiles in the
Republic of Korea and not more than $20,000,000 may
be made available for stockpiles in Thailand.’’.
REQUIREMENTS FOR THE REPORTING TO CONGRESS OF
THE COSTS TO THE FEDERAL GOVERNMENT ASSOCI-
ATED WITH THE PROPOSED AGREEMENT TO REDUCE
GREENHOUSE GAS EMISSIONS
SEC. 569. The President shall provide to the Con-
gress a detailed account of all Federal agency obligations
and expenditures for climate change programs and activi-
ties, domestic and international, for fiscal year 1998,
planned obligations for such activities in fiscal year 1999,
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and any plan for programs thereafter in the context of
negotiations to amend the Framework Convention on Cli-
mate Change (FCCC) to be provided to the appropriate
congressional committees no later than November 15,
1998.
WITHHOLDING ASSISTANCE TO COUNTRIES VIOLATING
UNITED NATIONS SANCTIONS AGAINST LIBYA
SEC. 570. (a) WITHHOLDING OF ASSISTANCE.—Ex-
cept as provided in subsection (b), whenever the President
determines and certifies to Congress that the government
of any country is violating any sanction against Libya im-
posed pursuant to United Nations Security Council Reso-
lution 731, 748, or 883, then not less than 5 percent of
the funds allocated for the country under section 653(a)
of the Foreign Assistance Act of 1961 out of appropria-
tions in this Act shall be withheld from obligation and ex-
penditure for that country.
(b) EXCEPTION.—The requirement to withhold funds
under subsection (a) shall not apply to funds appropriated
in this Act for allocation under section 653(a) of the For-
eign Assistance Act of 1961 for development assistance
or for humanitarian assistance.
(c) WAIVER.—Funds may be provided for a country
without regard to subsection (a) if the President deter-
mines that to do so is in the national security interest of
the United States.
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AID TO THE GOVERNMENT OF THE DEMOCRATIC
REPUBLIC OF CONGO
SEC. 571. None of the funds appropriated by this Act
may be provided for assistance for the central Government
of the Democratic Republic of Congo until such time as
the President reports in writing to the Congress that the
central Government of the Democratic Republic of Congo
is cooperating fully with investigators from the United Na-
tions in accounting for human rights violations committed
in the Democratic Republic of Congo or adjacent coun-
tries.
ASSISTANCE FOR THE MIDDLE EAST
SEC. 572. Of the funds appropriated by this Act
under the headings ‘‘Economic Support Fund’’, ‘‘Foreign
Military Financing ’’, ‘‘International Military Education
and Training ’’, ‘‘Peacekeeping Operations’’, for refugees
resettling in Israel under the heading ‘‘Migration and Ref-
ugee Assistance’’, and for assistance for Israel to carry
out provisions of chapter 8 of part II of the Foreign As-
sistance Act of 1961 under the heading ‘‘Nonproliferation,
Anti-Terrorism, Demining, and Related Programs’’, not
more than a total of $5,402,850,000 may be made avail-
able for Israel, Egypt, Jordan, Lebanon, the West Bank
and Gaza, the Israel-Lebanon Monitoring Group, the Mul-
tinational Force and Observers, the Middle East Regional
Democracy Fund, Middle East Regional Cooperation, and
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Middle East Multilateral Working Groups: Provided, That
any funds that were appropriated under such headings in
prior fiscal years and that were at the time of enactment
of this Act obligated or allocated for other recipients may
not during fiscal year 1999 be made available for activities
that, if funded under this Act, would be required to count
against this ceiling: Provided further, That funds may be
made available notwithstanding the requirements of this
section if the President determines and certifies to the
Committees on Appropriations that it is important to the
national security interest of the United States to do so
and any such additional funds shall only be provided
through the regular notification procedures of the Com-
mittees on Appropriations.
ENTERPRISE FUND RESTRICTIONS
SEC. 573. Prior to the distribution of any assets re-
sulting from any liquidation, dissolution, or winding up
of an Enterprise Fund, in whole or in part, the President
shall submit to the Committees on Appropriations, in ac-
cordance with the regular notification procedures of the
Committees on Appropriations, a plan for the distribution
of the assets of the Enterprise Fund.
CAMBODIA
SEC. 574. (a) None of the funds appropriated in this
Act may be made available for assistance for the Govern-
ment of Cambodia: Provided, That the restrictions under
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this heading shall not apply to humanitarian, demining or
election-related programs or activities: Provided further,
That the provision of such assistance shall be made avail-
able subject to the regular notification procedures of the
Committees on Appropriations.
(b) The Secretary of the Treasury should instruct the
United States executive directors of the international fi-
nancial institutions to use the voice and vote of the United
States to oppose loans to the Government of Cambodia,
except loans to support basic human needs.
EXPORT FINANCING TRANSFER AUTHORITIES
SEC. 575. Not to exceed 5 percent of any appropria-
tion other than for administrative expenses made available
for fiscal year 1999 for programs under title I of this Act
may be transferred between such appropriations for use
for any of the purposes, programs and activities for which
the funds in such receiving account may be used, but no
such appropriation, except as otherwise specifically pro-
vided, shall be increased by more than 25 percent by any
such transfer: Provided, That the exercise of such author-
ity shall be subject to the regular notification procedures
of the Committees on Appropriations.
AUTHORIZATION FOR POPULATION PLANNING
SEC. 576. Not to exceed $385,000,000 of the funds
appropriated in title II of this Act may be available for
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population planning activities or other population assist-
ance.
REPORT ON FOREIGN MILITARY TRAINING
SEC. 577. The Secretary of Defense and the Sec-
retary of State shall jointly provide to the Congress by
January 31, 1999, a report on all overseas military train-
ing provided to foreign military personnel under programs
administered by the Department of Defense and the De-
partment of State during fiscal years 1998 and 1999, in-
cluding those proposed for fiscal year 1999. This report
shall include, for each such military training activity, the
foreign policy justification and purpose for the training ac-
tivity, the cost of the training activity, the number of for-
eign students trained and their units of operation, and the
location of the training. In addition, this report shall also
include, with respect to United States personnel, the oper-
ational benefits to United States forces derived from each
such training activity and the United States military units
involved in each such training activity. This report may
include a classified annex if deemed necessary and appro-
priate.
KOREAN PENINSULA ENERGY DEVELOPMENT
ORGANIZATION
SEC. 578. Notwithstanding sections 614 and 451 of
the Foreign Assistance Act of 1961, as amended, or any
other provision of law, none of the funds appropriated by
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this Act may be used for a voluntary contribution to, or
assistance for, the Korean Peninsula Energy Development
Organization.
TITLE VI
FUNDS APPROPRIATED TO THE PRESIDENT
INTERNATIONAL MONETARY PROGRAMS
LOANS TO THE INTERNATIONAL MONETARY FUND
For loans to the International Monetary Fund under
section 17 of the Bretton Woods Agreements Act pursuant
to the New Arrangements to Borrow, the dollar equivalent
of 2,462,000,000 Special Drawing Rights, to remain avail-
able until expended. In addition, the amounts appro-
priated by title III of the Foreign Aid and Related Agen-
cies Appropriations Act, 1963 (Public Law 87–872) and
section 1101(b) of the Supplemental Appropriations Act,
1984 (Public Law 98–181) may also be used under section
17 of the Bretton Woods Agreements Act pursuant to the
New Arrangements to Borrow.
GENERAL PROVISIONS—THIS TITLE
CONDITIONS FOR THE USE OF APPROPRIATED FUNDS
SEC. 601. (a) CONDITION FOR THE USE OF APPRO-
PRIATED FUNDS FOR QUOTA INCREASE.—None of the
funds appropriated after July 15, 1998, under the heading
‘‘United States Quota in the International Monetary
Fund’’ may be obligated or made available to the Inter-
national Monetary Fund until 15 days after the Secretary
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of the Treasury and the Chairman of the Board of Gov-
ernors of the Federal Reserve System jointly provide writ-
ten notification to the appropriate committees that the
major shareholders of the International Monetary Fund
have publicly agreed to, and will act to implement in the
Fund policies providing that for conditions in standby
agreements or other arrangements regarding the use of
Fund resources include requirements that the recipient
country—
(1) liberalize restrictions on trade in goods and
services and on investment, at a minimum consistent
with the terms of all international trade agreements
of which the borrowing country is a signatory;
(2) eliminate the pervasive practice or policy of
government directed lending on non-commercial
terms or provision of market distorting subsidies to
favored industries, enterprises, parties, or institu-
tions; and
(3) guarantee nondiscriminatory treatment in
insolvency proceedings between domestic and foreign
creditors, and for debtors and other concerned per-
sons.
(b) CONDITION FOR THE USE OF APPROPRIATED
FUNDS FOR LOANS TO THE IMF.—
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(1) IN GENERAL.—None of the funds appro-
priated in this title under the heading ‘‘Loans to the
International Monetary Fund’’ may be obligated or
made available to the International Monetary Fund
unless—
(A) there is in effect a written certifi-
cation, made by the Secretary of the Treasury,
to the appropriate committees that the Inter-
national Monetary Fund has met the require-
ments of paragraph (2); and
(B) the Congress has enacted legislation
approving the certification.
(2) REQUIREMENTS.—The requirements of this
paragraph are that the International Monetary Fund
has in effect policies that are designed to ensure the
following:
(A) Within 3 months after any meeting of
the Executive Board of the International Mone-
tary Fund at which a Letter of Intent, a Policy
Framework Paper, an Article IV economic re-
view consultation with a member country, or a
change in a general policy of the International
Monetary Fund is discussed, a full written sum-
mary of the meeting shall be made available for
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‘‘(E) the opening of domestic capital mar-
kets.
‘‘(3) A description of the degree to which the
countries requiring the financial stabilization pro-
grams have fully implemented reforms required by
the International Monetary Fund that are directed
at corporate governance and corporate structure, in-
cluding—
‘‘(A) making nontransparent conglomerate
practices more transparent through the applica-
tion of internationally accepted accounting
practices, independent external audits, full dis-
closure, and provision of consolidated state-
ments; and
‘‘(B) ensuring that no government sub-
sidized support or tax privileges will be provided
to bail out individual corporations, particularly
in the semiconductor, steel, and paper indus-
tries.
‘‘(4) A description of the implementation of re-
form measures required by the International Mone-
tary Fund to deregulate and privatize economic ac-
tivity by ending domestic monopolies, undertaking
trade liberalization, and opening up restricted areas