Statement of policy

It is the policy of the United States that— (1) the presence of United States companies is a good thing for the regions in which they invest; (2) any funds provided to the Bank of Central African States (in this Act referred to as BEAC) by any extractive industry company for site rehabilitation are ineligible to count towards the gross foreign exchange reserves of a member state of the Central African Economic Monetary Community (in this Act referred to as CEMAC) based on the requirements of the Balance of Payments and International Investment Position Manual of the International Monetary Fund (in this Act referred to as the IMF); (3) the IMF has a responsibility to accurately clarify to countries what are eligible and ineligible assets to count towards the gross foreign exchange reserves of a country, so that countries are able to create appropriate financial policies; and (4) the IMF would be responsible for the loss of investment that the CEMAC region would face if a foreign exchange regulation that mandates extractive industry companies repatriate restoration funds for site rehabilitation to the BEAC is enacted.