22 USC 262k - Financial assistance to international financial institutions; considerations and criteria

U.S Code last checked for updates: May 18, 2024

§ 262k.

Financial assistance to international financial institutions; considerations and criteria

(a)

Congressional declaration of intent

(b)

Effect of country adjustment programs; minimization of projected adverse impacts; avoidance of government subsidization

The Secretary of the Treasury shall instruct the representatives of the United States to the international financial institutions described in subsection (d) to take into account in their review of loans, credits, or other utilization of the resources of their respective institutions, the effect that country adjustment programs would have upon individual industry sectors and international commodity markets in order to—

(1)

minimize any projected adverse impacts on such sector or markets of making such loans, credits, or utilization of resources; and

(2)

avoid whenever possible government subsidization of production and exports of international commodities without regard to economic conditions in the markets for such commodities.

(c)

Project proposals relating to mining, smelting, refining, and fabricating of minerals and metal products

More specifically, the following criteria should be considered as a basis for a vote by the respective United States Executive Director to each of the international financial institutions described in subsection (d) against a project proposal involving the creation of new capacity or the expansion, improvement, or modification of mining, smelting, refining, and fabricating of minerals and metal products:

(1)

Analysis shows that the risks, returns, and incentives of a project are such that it could be financed at reasonable terms by commercial lending services.

(2)

Analysis by the United States Bureau of Mines indicates that surplus capacity in the industry for the primary product of the defined project would exist over half the period of the economic life of the project because of projected world demand and capacity conditions.

(3)

United States imports of the commodity constitute less than 50 percent of the domestic production of the primary product in those cases where the United States is the substantial producer of such commodities.

(d)

International financial institutions

(Pub. L. 99–88, title I, § 502, Aug. 15, 1985, 99 Stat. 330; Pub. L. 102–285, § 10(b), May 18, 1992, 106 Stat. 172.)

cite as: 22 USC 262k