123STA T . 1 9 1 8PUBLIC LA W 111 – 32 —J U NE 2 4, 2 0 09 Board o fG o ve r n or s of th e Fu nd w h ic hwerea p proved by such Board on A pri l28, 2 0 08 and M ay 5 , 2008, respectively .‘ ‘ SEC.65 . QUOTAIN C R EASE. ‘ ‘ ( a )IN G E NE RAL . —T he U nited S tates Governor of the Fund m ay consent to an increase in the q uota of the United States in the Fund equivalent to 4 , 973 , 1 00,000 Special D rawin gR ights. ‘‘(b) S UBJ E CT T O A P PROPR I ATION S .—The authority provided by subsection (a) shall be effective only to such e x tent or in such amounts as are provided in advance in appropriations Acts. ‘‘SEC. 66. A P PRO V A L TOSELLALI M ITE D AMOUNT O F T H E FUND ’ S G OLD. ‘‘(a) The Secretary of the Treasury is authori z ed to instruct the United States E xecutive Director of the Fund to vote to approve the sale of up to 12,9 6 5,649 ounces of the Fund ’ s gold acquired since the second Amendment to the Fund’s Articles of Agreement, only if such sales are consistent with the guidelines agreed to by the Executive Board of the Fund described in the Report of the Managing Director to the International Monetary and Financial C ommittee on a N ew Income and Expenditure Framewor k for the International Monetary Fund (April 9, 2008) to prevent disruption to the world gold market
- Provide
d , That at least 30 days prior to any such vote, the Secretary shall consult with the appropriate congressional committees regarding the use of proceeds from the sale of such gold: Provided fu r th er, That the Secretary of the Treasury shall seek to ensure that: ‘‘(1) the Fund will provide support to low - income countries that are eligible for the P overty Reduction and Growth Facility or other low-income lending from the Fund by making available Fund resources of not less than $ 4,000,000,000
‘‘(2) such Fund resources referenced above will be used to leverage additional support by a significant multiple to pro- vide loans with substantial concessionality and debt service payment relief and / or grants, as appropriate to a country’s circumstances: ‘‘(3) support provided through forgiveness of interest on concessional loans will be provided for not less than two years; and ‘‘(4) the support provided to low-income countries occurs within six years, a substantial amount of which shall occur within the initial two years. ‘‘(b) In addition to agreeing to and accepting the amendments referred to in section 64 of this Act relating to the use of proceeds from the sale of such gold, the United States Governor is authorized, consistent with subsection (a), to take such actions as may be necessary, including those referred to in section 5(e) of this Act, to also use such proceeds for the purpose of assisting low-income countries. ‘‘SEC. 6 7 . ACCEPTANCE OF AMENDMENT TO THE ARTICLES OF AGREE - MENT OF THE FUND. ‘‘The United States Governor of the Fund may agree to and accept the amendment to the Articles of Agreement of the Fund as proposed in the resolution numbered 54 – 4 of the Board of Gov- ernors of the Fund which was approved by such Board on O ctober 22, 1997: Provided, That not more than one year after the accept- ance of such amendments to the Fund’s Articles of Agreement, Deadlin e .R e ports . 2 2 USC 2 86 ss. Deadline. Cons u ltation. 22 USC 286rr. 22 USC 286 q q.
