7 U.S.C. § 1738b: Eligibility for benefits…

Summary

To get help from the Facility, a country must be a Latin American or Caribbean nation and meet several financial and policy steps. It must have an IMF program or approval, or be clearly working toward one. It should, when needed, have World Bank or IDA loans or be moving toward them. It must carry out major investment reforms with an IDB loan or be making real progress toward an open investment system. If needed, it should have a satisfactory plan with its commercial bank lenders, which may include debt reduction. The President decides whether a country meets these rules.

Title 7, §1738b

Agriculture, Source: USLM XML via OLRC

(a)Requirements

To be eligible for benefits from the Facility under this subchapter, a country shall—

(1)be a Latin American or Caribbean country;

(2)have in effect or have received approval for, or, as appropriate in exceptional circumstances, be making significant progress towards the establishment of—

(A)an International Monetary Fund (hereafter referred to in this subchapter as the “IMF”) standby arrangement, extended IMF arrangement, or an arrangement under the structural adjustment facility or enhanced structural adjustment facility, or in exceptional circumstances, an IMF-monitored program or its equivalent; and

(B)as appropriate, structural or sectoral adjustment loans from the International Bank for Reconstruction and Development (hereafter referred to in this subchapter as the “World Bank”) or the International Development Association (hereafter referred to in this subchapter as the “IDA”);

(3)have placed into effect major investment reforms in conjunction with an Inter-American Development Bank (hereafter referred to as the “IDB”) loan or otherwise be implementing, or making significant progress towards an open investment regime; and

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

(b)Eligibility determination

The President shall determine whether a country is an eligible country for purposes of subsection (a).

Notes & Related Subsidiaries

Editorial Notes

Amendments

1991—Subsec. (a)(3). Pub. L. 102–237 inserted hyphen between “Inter” and “American”.

Executive Documents

Delegation of Functions For delegation of functions of President under subsec. (b) of 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 this title.

§1738b Eligibility for Benefits Under Facility