To prevent loans for Iraq from the International Monetary Fund or the International Bank for Reconstruction and Development from being used to pay off Iraq's creditors.

Amends the Bretton Woods Agreements Act to require the Secretary of the Treasury to instruct the Executive Director of the International Monetary Fund and the Executive Director of the International Bank for Reconstruction and Development to oppose any loans by the Fund or the Bank to the Government of Iraq unless the Secretary determines that there are sufficient safeguards to prevent loan proceeds from being used to reimburse any government or individual for losses arising from credit extended to the Government of Iraq.