Angie Craig: “I believe we have produced a tough but fair bill. This bill would change the way IMF does business. Let me offer some…”

“I believe we have produced a tough but fair bill. This bill would change the way IMF does business. Let me offer some brief highlights of the reforms which we have agreed upon. This bill appropriates funds for the IMF's emergency facility, the new arrangements to borrow without any restrictions, just as the Senate did, I might add, in the last year, in fiscal year 1998. However, for the new subscription to the IMF, the U.S. funding of the $14.5 billion quota cannot be released--I repeat, cannot be released--unless the Secretary certifies that the group of seven nations have publicly committed and are working toward changing the IMF's lending policies. The conditions which we expect to see included in future loans tackled the systemic problems which caused the Asian crisis. The bill sets out the two conditions for future IMF agreements. First, borrowers will have to comply with their international trade obligations and liberalize trade restrictions.”