§6034 United States Opposition to Cuban Membership in International Financial Institutions

Summary

The Secretary of the Treasury must tell U.S. representatives at certain international financial groups to vote against letting Cuba join until the President says under section 6063(c)(3) that a democratically elected government is in power. If the President says under section 6063(c)(1) that a transition government is in power, the President may help move Cuba’s membership request forward but only so the membership starts after a democratically elected government is in place. The Treasury may allow loans or aid to Cuba only if those funds help build a stable base for a democratically elected government. If any listed institution gives Cuba a loan or aid over U.S. objections, the Treasury must withhold from payments to that institution an amount equal to the loan, taken from either the paid-in or callable part of the institution’s increased capital stock. The listed institutions are the IMF, the IBRD, the IDA, the IFC, MIGA, and the Inter-American Development Bank.