22 U.S.C. § 286nn — Approval of contributions for debt reductions for the poorest countries

For the purpose of mobilizing IMF resources to reduce poverty and improve the lives of poor-country residents — and, in particular, to give poor countries with unsustainable debt deeper, broader, and faster debt relief, without letting gold reach the open market or otherwise hurting gold's market price — the Secretary of the Treasury is authorized to instruct the U.S. Executive Director of the IMF ("the Fund") to vote: (1) To approve an arrangement where the Fund: (A) sells enough of its gold at prevailing market prices, in private (nonpublic) transactions, to one or more members, to generate 2.226 billion Special Drawing Rights in profit; (B) immediately after, and together with each such sale, accepts payment of that same gold from the member(s) to satisfy their existing obligations to repurchase gold from the Fund — so the Fund still owns the gold once the payment is complete; and (C) uses the earnings from investing those sale profits, through a separate subaccount, only to provide debt relief under the modified Heavily Indebted Poor Countries (HIPC) Initiative (as defined in section 262p–6); and (2) To support ending the Fund's Special Contingency Account (SCA–2), so the funds in it go to the poorest countries. Any funds tied to U.S. participation in SCA–2 can be used only for debt relief under the modified HIPC Initiative.