§6034 United States opposition to Cuban membership in international financial institutions

Summary

The Secretary of the Treasury must tell the United States executive director at each listed international financial institution to vote against letting Cuba join those institutions. That opposition stays in place until the President submits a determination under section 6063(c)(3) that a democratically elected government is in power in Cuba. If the President submits a determination under section 6063(c)(1) that a transition government is in power, the President is encouraged to help process Cuba’s membership application, but membership can only take effect after a democratically elected government is in place. The Treasury may allow U.S. directors to support loans or aid to Cuba only if the help helps create a stable foundation for a democratically elected government. If an institution approves loans or other aid to Cuba over U.S. opposition, the Secretary must withhold from payments the United States would make to that institution an amount equal to that loan or aid. The withholding can come from either the paid-in or the callable part of any increase in the institution’s capital. The rule applies to these institutions: the International Monetary Fund; the International Bank for Reconstruction and Development; the International Development Association; the International Finance Corporation; the Multilateral Investment Guarantee Agency; and the Inter-American Development Bank.