Page:United States Statutes at Large Volume 114 Part 3.djvu/870
114 STAT. 1900A-68 PUBLIC LAW 106-429—APPENDIX A "(3) PREMIUM PRICING. —Premium pricing should be introduced for lending from the general resources of the Fund, for greater than 200 percent of a member's quota in the Fund, to discourage excessive use of Fund lending and to encourage members to rely on private financing to the maximum extent possible. "(4) REDRESSING MISREPORTING OF INFORMATION.— The Fund should have in place and apply systematically a strong framework of safeguards and measures to respond to, correct, and discourage cases of misreporting of information in the context of a Fund program, including— "(A) suspending Fund disbursements and ensuring that Fund lending is not resumed to members that engage in serious misreporting of material information until such time as remedial actions and sanctions, as appropriate, have been applied; "(B) ensuring that members make early repayments, where appropriate, of Fund resources disbursed on the basis of misreported information; "(C) making public cases of serious misreporting of material information; "(D) requiring all members receiving new disbursements from the Fund to undertake annually independent audits of central bank financial statements and publish the resulting audits; and "(E) requiring all members seeking new loans from the Fund to provide to the Fund detailed information regarding their internal control procedures, financial reporting and audit mechanisms and, in cases where there are questions about the adequacy of these systems, undertaking an on-site review and identifying needed remedies.". SEC. 806. DEFmiTIONS. In this title: (1) APPROPRIATE CONGRESSIONAL COMMITTEES.—The term "appropriate congressional committees" means the Committee on Foreign Relations and the Committee on Appropriations of the Senate, and the Committee on Banking and Financial Services and the Committee on Appropriations of the House of Representatives. (2) BANK. —The term "Bank" means the International Bank for Reconstruction and Development. (3) FUND. —The term "Fund" means the International Monetary Fund. / (4) INTERNATIONAL FINANCIAL INSTITUTIONS. — The term "international financial institutions" means the multilateral development banks and the International Monetary Fund. (5) MULTILATERAL DEVELOPMENT BANKS.— The term "multilateral development banks" means the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Inter-American Development Bank, the Asian Development Bank, the Inter-American Investment Corporation, the Mrican Development Bank, the African Development Fund, the European Bank for Reconstruction and Development, and the Multilateral Investment Guaranty Agency.