22 USC 5411 - Multilateral support for structural adjustment in Poland and Hungary

U.S Code last checked for updates: May 06, 2024

§ 5411.

Multilateral support for structural adjustment in Poland and Hungary

(a)

Multilateral assistance for Poland and Hungary

(1)

In general

(2)

World Bank structural adjustment loan for Poland

(b)

Stabilization assistance, debt relief, and agricultural assistance for Poland

To the extent that Poland continues to evolve toward pluralism and democracy and to develop and implement comprehensive economic reform programs, the United States Government shall do the following:

(1)

Stabilization assistance

The United States Government, in conjunction with other member governments of the Organization of Economic Cooperation and Development (OECD) and international financial institutions (including the International Monetary Fund), shall support the implementation of a plan of the Government of Poland to attack hyperinflation and other structural economic problems, address pressing social problems, carry out comprehensive economic reform, and relieve immediate and urgent balance of payments requirements in Poland, through the use of mechanisms such as—

(A)

the Exchange Stabilization Fund pursuant to section 5302 of title 31 and in accordance with established Department of the Treasury policies and procedures; and

(B)

the authority provided in section 5412(c) of this title.

(2)

Debt relief

The United States Government—

(A)

shall urge all members of the “Paris Club” of creditor governments and other creditor governments to adopt, and participate in, a generous and early rescheduling program for debts owed by the Government of Poland; and

(B)

in coordination with other creditor governments, shall seek to expedite consultations between the Government of Poland and its major private creditors in order to facilitate a rescheduling and reduction of payments due on debt owed to such creditors in a manner consistent with the international debt policy announced by the Secretary of the Treasury on March 10, 1989.

(3)

Agricultural assistance

(Pub. L. 101–179, title I, § 101, Nov. 28, 1989, 103 Stat. 1302.)

cite as: 22 USC 5411