Sec. 43.69. instructions to the united states executive director
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## Sec. 43.69 instructions to the united states executive director **[**[22 U.S.C. 286aa](/us/usc/t22/s286aa)**]** The Congress hereby finds that Communist dictatorships result in severe constraints on labor and capital mobility and other highly inefficient labor and capital supply rigidities which contribute to balance of payments deficits in direct contradiction of the goals of the International Monetary Fund. Therefore, the Secretary of the Treasury shall instruct the United States Executive Director of the Fund to actively oppose any facility involving use of Fund credit by any Communist dictatorship, unless the Secretary of the Treasury certifies and documents in writing upon request and so notifies and appears, if requested, before the Foreign Relations and Banking, Housing, and Urban Affairs Committees of the Senate and the Banking, Finance and Urban Affairs Committee of the House of Representatives, at least twenty-one days in advance of any vote on such drawing that such drawing— 69Sec. 43 was added by sec. 804 of Public Law 98–181 (97 Stat. 1270).
Sec. 4(b)(6) of the South African Democratic Transition Support Act of 1993 (Public Law 103–149; 107 Stat. 1505) struck out subsec. designation “(a)” preceding the first para. in this section, and repealed subsec. (b), which formerly read as follows: ``(b) The Congress hereby finds that the practice of apartheid results in severe constraints on labor and capital mobility and other highly inefficient labor and capital supply rigidities which contribute to balance of payments deficits in direct contradiction of the goals of the International Monetary Fund.
Therefore, the President shall instruct the United States Executive Director of the Fund to actively oppose any facility involving use of Fund credit by any country which practices apartheid unless the Secretary of the Treasury certifies and documents in writing, upon request, and so notifies and appears, if requested, before the Foreign Relations and Banking, Housing and Urban Affairs Committees of the Senate and the Banking, Finance and Urban Affairs Committee of the House of Representatives, at least twenty-one days in advance of any vote on such drawing, that such drawing:
(1)would reduce the severe constraints on labor and capital mobility, through such means as increasing access to education by workers and reducing artificial constraints on worker mobility and substantial reduction of racially-based restrictions on the geographical mobility of labor;
(2)would reduce other highly inefficient labor and capital supply rigidities;
(3)would benefit economically the majority of the people of any country which practices apartheid;
(4)is suffering from a genuine balance of payments imbalance that cannot be met by recourse to private capital markets. Should the Secretary not meet a request to appear before the aforementioned Committees at least twenty-one days in advance of any vote on any facility involving use of Fund credit by any country practicing apartheid and certify and document in writing that these four conditions have been met, the United States Executive Director shall vote against such program.''. ####
(1)provides the basis for correcting the balance of payments difficulties and restoring a sustainable balance of payments position; ####
(2)would reduce the severe constraints on labor and capital mobility or other highly inefficient labor and capital supply rigidities and advances market-oriented forces in that country; and ####
(3)is in the best economic interest of the majority of the people in that country. Should the Secretary not meet a request to appear before the aforementioned committees at least twenty-one days in advance of any vote on any facility involving use of Fund credit by any communist dictatorship and certify and document in writing that these three conditions have been met, the United States Executive Director shall vote against such program.
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- Pub. L. 98-181
- 97 Stat. 1270
- Pub. L. 103-149
- 107 Stat. 1505
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Sec. 43.69
instructions to the united states executive director
Pub. L.Pub. L. 98-181
Stat.97 Stat. 1270
Pub. L.Pub. L. 103-149
Stat.107 Stat. 1505
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