Requirements
To be eligible for benefits from the Facility under this subchapter, a country shall—
be a Latin American or Caribbean country;
have in effect or have received approval for, or, as appropriate in exceptional circumstances, be making significant progress towards the establishment of—
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
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”);
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
if appropriate, have agreed with its commercial bank lenders on a satisfactory financing program, including, as appropriate, debt or debt service reduction.
Eligibility determination
The President shall determine whether a country is an eligible country for purposes of subsection (a).
July 10, 1954, ch. 469Pub. L. 101–624, title XV, § 1512104 Stat. 3658Pub. L. 102–237, title III, § 302105 Stat. 1855(, title VI, § 603, as added , , ; amended , , .)
Editorial Notes
Amendments
Pub. L. 102–2371991—Subsec. (a)(3). inserted hyphen between “Inter” and “American”.
Executive Documents
Delegation of Functions
section 1738 of this titleFor delegation of functions of President under subsec. (b) of this section, see section 1 of Ex. Ord. No. 13345, , 69 F.R. 41901, set out as a note under .