22 U.S.C. § 286oo — Principles for International Monetary Fund lending

It is the policy of the United States to work to reform the IMF to achieve these goals: (1) Short-term balance of payments financing. Lending from the IMF's general resources should focus mainly on short-term balance-of-payments financing. (2) Limitations on medium-term financing. Medium-term lending from the IMF's general resources should be limited to well-defined situations, such as: (A) when a member's balance-of-payments problems will last a long time; (B) the member has a strong structural reform program in place; and (C) the member has little or no access to private capital. (3) Premium pricing. The Fund should introduce premium pricing for general-resource lending above 200 percent of a member's quota, to discourage excessive use of Fund lending and push members to rely on private financing as much as possible. (4) Redressing misreporting of information. The Fund should have — and systematically apply — a strong framework of safeguards to respond to, correct, and discourage misreporting of information in a Fund program. This includes: (A) suspending Fund disbursements, and not resuming lending to members who seriously misreport material information, until remedial action and any sanctions are applied; (B) making sure members repay early, where appropriate, Fund resources disbursed based on misreported information; (C) making public any cases of serious misreporting of material information; (D) requiring all members getting new Fund disbursements to conduct annual independent audits of their central bank's financial statements and publish them; and (E) requiring all members seeking new Fund loans to provide detailed information about their internal controls, financial reporting, and audit systems — and, where those systems' adequacy is in doubt, to undergo an on-site review and identify needed fixes.