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22 U.S.C. § 6034 - U.S. Code - Unannotated Title 22. Foreign Relations and Intercourse § 6034. United States opposition to Cuban membership in international financial institutions

Current as of January 01, 2024 | Updated by Findlaw Staff

(a)Continued opposition to Cuban membership in international financial institutions

(1)In general

Except as provided in paragraph (2), the Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice and vote of the United States to oppose the admission of Cuba as a member of such institution until the President submits a determination under section 6063(c)(3) of this title that a democratically elected government in Cuba is in power.

(2)Transition government

Once the President submits a determination under section 6063(c)(1) of this title that a transition government in Cuba is in power--

(A) the President is encouraged to take steps to support the processing of Cuba's application for membership in any international financial institution, subject to the membership taking effect after a democratically elected government in Cuba is in power, and

(B) the Secretary of the Treasury is authorized to instruct the United States executive director of each international financial institution to support loans or other assistance to Cuba only to the extent that such loans or assistance contribute to a stable foundation for a democratically elected government in Cuba.

(b)Reduction in United States payments to international financial institutions

If any international financial institution approves a loan or other assistance to the Cuban Government over the opposition of the United States, then the Secretary of the Treasury shall withhold from payment to such institution an amount equal to the amount of the loan or other assistance, with respect to either of the following types of payment:

(1) The paid-in portion of the increase in capital stock of the institution.

(2) The callable portion of the increase in capital stock of the institution.

(c)“International financial institution” defined

For purposes of this section, the term “international financial institution” means the International Monetary Fund, the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guaranty Agency, and the Inter-American Development Bank.

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Cite this article: FindLaw.com - 22 U.S.C. § 6034 - U.S. Code - Unannotated Title 22. Foreign Relations and Intercourse § 6034. United States opposition to Cuban membership in international financial institutions - last updated January 01, 2024 | https://codes.findlaw.com/us/title-22-foreign-relations-and-intercourse/22-usc-sect-6034/

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