22 U.S.C. § 286tt — Restrictions on use of United States funds for foreign governments; protection of American taxpayers

(a) In general The Secretary of the Treasury must instruct the U.S. Executive Director at the IMF to: (1) Evaluate, before the Fund's Board of Executive Directors considers it, any proposal for the Fund to lend to a country if: (A) that country's public debt exceeds its gross domestic product, based on the most recent available data; and (B) the country doesn't qualify for International Development Association assistance. (2) Opposition to loans unlikely to be repaid in full. If this evaluation shows the proposed loan probably won't be fully repaid, the Secretary must instruct the U.S. Executive Director to use the U.S. voice and vote to oppose it. (b) Reports to Congress Within 30 days after the Fund's Board of Executive Directors approves a proposal covered by subsection (a) — and every year after, by June 30, for as long as any program under that proposal continues — the Secretary must report in writing to the House Financial Services Committee, the Senate Foreign Relations Committee, and the Senate Banking, Housing, and Urban Affairs Committee. The report must assess how likely it is that loans under these proposals will be fully repaid, including: (1) the borrowing country's current debt status — its maturity structure, whether its rates are fixed or floating, whether it's indexed, and who holds it, as far as possible; (2) the borrowing country's internal and external vulnerabilities that could affect its ability to repay; and (3) the borrowing country's debt-management strategy.