---
kind: "section"
citation: "22 U.S.C. § 286rr"
title: "22"
title_heading: "Foreign Relations and Intercourse"
number: "286rr"
heading: "Approval to sell a limited amount of the Fund’s gold"
release: "119-102"
url: "https://uscodex.org/usc/22/286rr"
units:
  - "Chapter 7 — International Bureaus, Congresses, Etc."
  - "Subchapter XV — International Monetary Fund and Bank for Reconstruction and Development"
---

# §286rr. Approval to sell a limited amount of the Fund’s gold

- (a) The [Secretary](/usc/22/277d–43.md?p=5) of the Treasury is authorized to instruct the [United States](/usc/22/1395.md?p=a-1) [Executive Director](/usc/22/10601.md?p=5) of the [Fund](/usc/22/2431a.md?p=9) to vote to approve the sale of up to 12,965,649 ounces of the [Fund](/usc/22/2431a.md?p=9)’s gold acquired since the second Amendment to the [Fund](/usc/22/2431a.md?p=9)’s Articles of [Agreement](/usc/22/2431a.md?p=7), only if such sales are consistent with the guidelines agreed to by the Executive [Board](/usc/22/2431a.md?p=4) of the [Fund](/usc/22/2431a.md?p=9) described in the Report of the Managing Director to the International Monetary and Financial Committee on a New Income and Expenditure Framework for the International Monetary [Fund](/usc/22/2431a.md?p=9) (April 9, 2008) to prevent disruption to the world gold market: Provided, That at least 30 days prior to any such vote, the [Secretary](/usc/22/277d–43.md?p=5) shall consult with the [appropriate congressional committees](/usc/22/2152j–4.md?p=1) regarding the use of proceeds from the sale of such gold: Provided further, That the [Secretary](/usc/22/277d–43.md?p=5) of the Treasury shall seek to ensure that:
  - (1) the [Fund](/usc/22/2431a.md?p=9) will provide support to low-income countries that are eligible for the Poverty Reduction and Growth [Facility](/usc/22/2431a.md?p=8) or other low-income lending from the [Fund](/usc/22/2431a.md?p=9) by making available [Fund](/usc/22/2431a.md?p=9) resources of not less than $4,000,000,000;
  - (2) such [Fund](/usc/22/2431a.md?p=9) resources referenced above will be used to leverage additional support by a significant multiple to provide loans with substantial concessionality and debt service payment relief and/or grants, as appropriate to a country’s circumstances:[^1]
  - (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 286pp of this title](/usc/22/286pp.md) relating to the use of proceeds from the sale of such gold, the [United States](/usc/22/1395.md?p=a-1) Governor is authorized, consistent with [subsection (a)](#a), to take such actions as may be necessary, including those referred to in [section 286c(e) of this title](/usc/22/286c.md), to also use such proceeds for the purpose of assisting low-income countries.

## Footnotes

[^1]: So in original. The colon probably should be a semicolon.

## Source credit

(July 31, 1945, ch. 339, § 66, as added Pub. L. 111–32, title XIV, § 1402, June 24, 2009, 123 Stat. 1918.)