§2430b — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

To get benefits from the Facility, a Latin American or Caribbean country must meet several rules. Its government must be democratically elected, must not have repeatedly supported international terrorism, must cooperate on international drug control, and must not have a steady pattern of serious human rights abuses by the government or security forces. The country must also have—or be clearly moving toward—major IMF or World Bank programs or similar plans, make major investment reforms or open its investment rules, and, when needed, have a satisfactory financing plan with its commercial banks (which can include debt reduction). The President decides which countries qualify. Before formally naming a country, the President must tell the congressional committees that oversee this at least 15 days in advance. The President may, after consulting the Enterprise for the Americas Board, make exceptions if IMF or World Bank programs would likely cause serious social or environmental harm.

Title 22, §2430b

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)To be eligible for benefits from the Facility under this subchapter, a country must be a Latin American or Caribbean country—

(1)whose government is democratically elected;

(2)whose government has not repeatedly provided support for acts of international terrorism;

(3)whose government is not failing to cooperate on international narcotics control matters;

(4)whose government (including its military or other security forces) does not engage in a consistent pattern of gross violations of internationally recognized human rights;

(5)that has in effect, has received approval for, or, as appropriate in exceptional circumstances, is making significant progress toward—

(A)an International Monetary Fund standby arrangement, extended Fund arrangement, or an arrangement under the structural adjustment facility or enhanced structural adjustment facility, or in exceptional circumstances, a Fund monitored program or its equivalent, unless the President determines (after consultation with the Enterprise for the Americas Board) that such an arrangement or program (or its equivalent) could reasonably be expected to have significant adverse social or environmental effects; and

(B)as appropriate, structural or sectoral adjustment loans from the International Bank for Reconstruction and Development or the International Development Association, unless the President determines (after consultation with the Enterprise for the Americas Board) that the resulting adjustment requirements could reasonably be expected to have significant adverse social or environmental effects;

(6)has put in place major investment reforms in conjunction with an Inter-American Development Bank loan or otherwise is implementing, or is making significant progress toward, an open investment regime; and

(7)if appropriate, has agreed with its commercial bank lenders on a satisfactory financing program, including, as appropriate, debt or debt service reduction.

(b)Consistent with subsection (a), the President shall determine whether a country is eligible to receive benefits under this subchapter. The President shall notify the appropriate congressional committees of his intention to designate a country as an eligible country at least 15 days in advance of any formal determination.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 703 of Pub. L. 87–195, pt. IV, Sept. 4, 1961, 75 Stat. 463, amended section 1613d of this title and enacted provisions set out as a note under section 1613d of this title, prior to repeal by Pub. L. 87–565, pt. IV, § 401, Aug. 1, 1962, 76 Stat. 263, except insofar as section 703 affected section 1613d.

Executive Documents

Delegation of Functions For delegation of functions of President under this section, see Ex. Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a note under section 2381 of this title. For delegation of functions of President under this section, see section 1 of Ex. Ord. No. 13345, July 8, 2004, 69 F.R. 41901, set out as a note under section 1738 of Title 7, Agriculture.

§2430b Eligibility for benefits