The Office of Monetary Affairs (OMA) monitors global macroeconomic developments and works to prevent and resolve financial crises in countries where U.S. interests are at risk. It seeks to increase the financial security of the United States and its key partners. OMA also works to expand global economic growth and development by advocating sound macroeconomic policies that foster economic stability and expand opportunities for U.S. trade and investment worldwide.
OMA provides the Secretary of State with expertise on global financial and macroeconomic issues, working in close cooperation with the Treasury Department's Office of International Affairs. OMA is also the Department's liaison with the International Monetary Fund (IMF). In addition, OMA interacts with a wide range of foreign government officials and representatives of other international and non-governmental organizations. It also consults with representatives of private financial institutions to ensure that U.S. financial interests abroad are accurately and effectively reflected in U.S. foreign economic policy.
To help poorer countries overcome unsustainable debt burdens and improve their chances for economic growth and development, OMA promotes debt relief through the Paris Club, representing the Secretary of State as Head of the U.S. delegation. The Paris Club is the forum for coordinating debt relief policy among sovereign creditors and negotiating individual country debt treatments. Paris Club agreements can also affect non-member country and private sector creditors when debtor countries are required to seek comparable treatment. OMA also coordinates with the Treasury Department to formulate U.S. debt-relief policies more broadly and to promote initiatives through multilateral institutions.
OMA develops strategies to fight corruption and improve transparency from an economic and business perspective. OMA heads the U.S. delegation to the OECD Working Group on Bribery in International Business Transactions, coordinates the interagency to combat bribery of foreign public officials, and ensures compliance with the Convention on Combating Bribery of Foreign Public Officials in Internationals in International Business Transactions, also known as the Anti-Bribery Convention.
The 2014 Department of State, Foreign Operations, and Related Programs Appropriations Act requires the Department to develop “minimum requirements of fiscal transparency,” and then to assess whether governments receiving U.S. foreign assistance appropriated by the Act meet these minimum requirements. Since 2008, OMA has conducted fiscal transparency reviews of governments receiving bilateral allocations of assistance funded under the State Department Foreign Operations, and Related Programs Appropriations Acts. Click here to view the FY 2014 Fiscal Transparency Report and learn more about fiscal transparency.