§ 6034. — United States opposition to Cuban membership in international financial institutions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC6034]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 69A--CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY (LIBERTAD)
SUBCHAPTER I--STRENGTHENING INTERNATIONAL SANCTIONS AGAINST THE CASTRO
GOVERNMENT
Sec. 6034. United States opposition to Cuban membership in
international financial institutions
(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.
(Pub. L. 104-114, title I, Sec. 104, Mar. 12, 1996, 110 Stat. 794.)
