112 STAT. 2681-225 PUBLIC LAW 105-277—OCT. 21, 1998 that will contribute to exchange rate stability and avoid competitive devaluations that will further destabilize the international financial and trading systems. "(2) Vigorously promote policies to increase the effectiveness of the International Monetary Fund in promoting marketoriented reform, trade liberalization, economic growth, democratic governance, and social stability through— "(A) establishing an independent monetary authority, with full power to conduct monetary policy, that provides for a non-inflationary domestic currency that is fully convertible in foreign exchange markets; "(B) opening domestic markets to fair and open internal competition among domestic enterprises by eliminating inappropriate favoritism for small or large businesses, eliminating elite monopolies, creating and effectively implementing anti-trust and anti-monopoly laws to protect free competition, and establishing fair and accessible legal procedures for dispute settlement among domestic enterprises; "(C) privatizing industry in a fair and equitable manner that provides economic opportunities to a broad spectrum of the population, eliminating government and elite monopolies, closing loss-making enterprises, and reducing government control over the factors of production; "(D) economic deregulation by eliminating inefficient and overly burdensome regulations and strengthening the legal framework supporting private contract and intellectual property rights; "(E) establishing or strengthening key elements of a social safety net to cushion the effects on workers of unemployment and dislocation; and "(F) encouraging the opening of markets for agricultural commodities and products by requiring recipient countries to make efforts to reduce trade barriers. "(3) Vigorously promote policies to increase the effectiveness of the International Monetary Fund, in concert with appropriate international authorities and other international financial institutions (as defined in section 1701(c)(2)), in strengthening financial systems in developing countries, and encouraging the adoption of sound banking principles and practices, including the development of laws and regulations that will help to ensure that domestic financial institutions meet strong standards regarding capital reserves, regulatory oversight, and transparency. "(4) Vigorously promote policies to increase the effectiveness of the International Monetary Fund, in concert with appropriate international authorities and other iptemational financisd institutions (as defined in section 1701(c)(2)), in facilitating the development and implementation ofantemationally acceptable domestic bankruptcy laws and regulations in developing countries, including the 1 provision ol[ technical assistance as appropriate. "(5) Vigorously promote policies that aim at appropriate burden-sharing by the private sector so that investors and creditors bear more fully the consequences of their decisions, and accordingly advocate policies which include—
�
