International Monetary Fund Reform and Authorization Act of 1998

TABLE OF CONTENTS:

Title I: International Monetary Fund

Title II: New Arrangements to Borrow

Title III: Policy Provisions

Title IV: Reports to Congress

International Monetary Fund Reform and Authorization Act of 1998 - Title I: International Monetary Fund - Amends the Bretton Woods Agreement Act to authorize the U.S. Governor of the International Monetary Fund (IMF) to consent, subject to appropriations, to a specified increase in the U.S. IMF quota of Special Drawing Rights.

Title II: New Arrangements to Borrow - Sets forth conforming amendments for Federal participation in new arrangements to borrow.

Title III: Policy Provisions - Amends the International Financial Institutions Act to direct the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to advocate specified policies whose goal, among other things, is to: (1) make the IMF a more effective mechanism for implementation of specified international banking and trade principles; (2) assist the IMF to avoid becoming a lender of last resort for private investors and commercial banks; (3) structure IMF programs and assistance so that recipient governments commit to specified internationally recognized worker rights; (4) structure IMF programs and assistance so as not to exacerbate or precipitate ethnic strife within a recipient country; (5) work with the IMF to adopt appropriate environmental policies supporting macroeconomic stability; and (6) facilitate IMF transparency and accountability.

Directs the Secretary to coordinate with other Executive Departments in order to achieve realization of such policies.

Conditions Federal funding for the IMF upon establishment of an IMF Advisory Committee within the Department of the Treasury to review individual IMF country programs and advise the Secretary on the extent to which such programs address the policies advocated under this Act. Mandates that each Committee meeting be chaired by the Secretary or the Secretary's designee.

Title IV: Reports to Congress - Instructs the Secretary to report semi-annually to the Congress on the status of IMF programs linked to official Federal financing, addressing specified questions.