22 U.S.C. § 262c — Commitments for United States contributions to international financial institutions fostering economic development in less developed countries; continuation of participation

submitted 49 years ago by Pub. L. 95-118 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 247 words · no verdicts yet

in plain englishAI-generated · not legal advice

Congress says helping developing countries grow economically is good for the U.S. It wants the U.S. to work toward paying no more than 25% of future funding. Congress also notes that U.S. funding for them depends on the regular appropriations process.

(a) Congressional findings. Congress states its sense that helping poorer countries develop economically serves U.S. humanitarian, economic, and political interests. International financial institutions have proven they can help, by giving developing countries access to capital and technical help while encouraging those countries to help themselves and cooperate with each other — and they've done this with little financial risk to the countries that fund them. These institutions have also proven to be an effective way to share, among wealthier countries, the burden of funding development. Even though continued U.S. participation in these institutions matters, Congress believes other developed countries should share more of that burden. As a step in that direction, in future negotiations the U.S. should work toward keeping its total share of future funding replenishments to these institutions at no more than 25%. (b) Funding commitments. Congress recognizes that economic development is a long-term process that needs funding commitments to these institutions. It also notes that whether money is actually available for the U.S. contribution depends on the normal appropriations process.

the actual law source: uscode.house.gov ↗public domain

(a) Congressional findings

It is the sense of the Congress that—

(1)

for humanitarian, economic, and political reasons, it is in the national interest of the United States to assist in fostering economic development in the less developed countries of this world;

(2)

the development-oriented international financial institutions have proved themselves capable of playing a significant role in assisting economic development by providing to less developed countries access to capital and technical assistance and soliciting from them maximum self-help and mutual cooperation;

(3)

this has been achieved with minimal risk of financial loss to contributing countries;

(4)

such institutions have proved to be an effective mechanism for sharing the burden among developed countries of stimulating economic development in the less developed world; and

(5)

although continued United States participation in the international financial institutions is an important part of efforts by the United States to assist less developed countries, more of this burden should be shared by other developed countries. As a step in that direction, in future negotiations, the United States should work toward aggregate contributions to future replenishments to international financial institutions covered by this Act not to exceed 25 per centum.

(b) Funding commitments to international financial institutions; availability of funds subject to appropriations

The Congress recognizes that economic development is a long-term process needing funding commitments to international financial institutions. It also notes that the availability of funds for the United States contribution to international financial institutions is subject to the appropriations process.

Source credit: (Pub. L. 95–118, title I, § 101, Oct. 3, 1977, 91 Stat. 1067.)

history & why it existsrecord from the source credit

1977Enacted · Pub. L. 95-118 · 91 Stat. 1067

A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-118 on 1977-10-03.

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