H.R. 2325 — CEMAC Act

This section states congressional findings concerning a Bank of Central African States (BEAC) foreign exchange regulation requiring international oil companies (IOCs) in the Central African Economic Monetary Community (CEMAC) to repatriate site restoration funds to BEAC by April 30, 2025, or face penalties equal to 150% of such funds starting May 1, 2025—including ongoing disputes over BEAC's sovereign immunity and fund custody, expected declines in oil and gas investment since 2018, and Standard & Poor’s projections of $86 billion in lost CEMAC government revenue and $45 billion in reduced capital investment by 2050.

This section states the policy of the United States that (1) the presence of U.S. companies benefits regions in which they invest; (2) funds provided by extractive industry companies to the Bank of Central African States (BEAC) for site rehabilitation are ineligible to count toward gross foreign exchange reserves of Central African Economic and Monetary Community (CEMAC) member states under the International Monetary Fund's Balance of Payments and International Investment Position Manual; (3) the IMF must clarify eligible and ineligible assets for gross foreign exchange reserves to enable appropriate national financial policies; and (4) the IMF bears responsibility for any investment losses in the CEMAC region resulting from a foreign exchange regulation requiring extractive industry companies to repatriate site rehabilitation funds to the BEAC.

This section prohibits the United States from voting to approve any IMF action relating to a CEMAC member state (i.e., a member of the Economic and Monetary Community of Central Africa) and directs the U.S. Executive Director at the IMF to oppose any proposal to increase that state's IMF quota or modify the IMF's exceptional access policy until the Secretary of the Treasury—in coordination with the U.S. Executive Director at the IMF and the Secretary of State—determines that the IMF has publicly clarified that funds provided to BEAC (i.e., Banque des États de l'Afrique Centrale, the CEMAC central bank) by international oil companies for site rehabilitation are ineligible to count toward any country's gross foreign exchange reserves. Upon making that determination, the Secretary of the Treasury must publicize it and transmit it to the appropriate congressional committees (i.e., House Financial Services and Foreign Affairs Committees; Senate Finance and Foreign Relations Committees). Additionally, the Secretary must report to those committees within 30 days after the determination—or within 180 days after enactment if the determination is not yet made—detailing U.S. actions at the IMF to secure the required clarification. (Thus, the provision withholds U.S. support for new IMF financing or policy adjustments benefiting CEMAC countries pending the IMF policy change.)