Sec. 303. Engaging international financial institutions to advance Libyan economic recovery and improve public sector financial management
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The Secretary of the Treasury, in consultation with the Secretary of State and the Administrator of the United States Agency for International Development, shall instruct the United States Executive Director at each international financial institution to use the voice, vote, and influence of the United States to support a Libyan-led process to develop a framework for the economic recovery of Libya and improved public sector financial management, complementary to United Nations-led peace efforts and in support of the future establishment of democratic institutions and the rule of law in Libya. The framework described in subsection
(a)shall include the following policy proposals: To reunify the leadership and operations of Libya’s key economic ministries and institutions. To improve the efficiency and reach of Libyan government programs that support poverty alleviation and a social safety net. To assist in reconciling the public accounts of national financial institutions and letters of credit issued by private Libyan financial institutions. To restore the production and efficient management of Libya’s oil industry, including rebuilding any damaged energy infrastructure. To promote the development of private sector enterprise. To improve the transparency and accountability of public sector employment and wage distribution. To strengthen supervision of and reform of Libyan financial institutions to minimize corruption and ensure resources equitably serve the people of Libya. To eliminate exploitation of price controls and market distorting subsidies in the Libyan economy. In supporting the framework described in subsection (a), the Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution to encourage the institution to consult with relevant stakeholders in the financial, governance, and energy sectors. In this section, the term international financial institution means the International Monetary Fund, International Bank for Reconstruction and Development, European Bank for Reconstruction and Development, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, African Development Bank, African Development Fund, Asian Development Bank, Inter-American Development Bank, Bank for Economic Cooperation and Development in the Middle East and North Africa, and Inter-American Investment Corporation. The requirements of this section shall cease to be effective on December 31, 2024.