7 U.S.C. § 1738b — Eligibility for benefits under Facility

FEDERAL · 7 U.S.C. · Chapter 41

Eligibility for benefits under Facility

Current through Pub. L. 119-102

Title 7 — Agriculture·Ch. 41 — FOOD FOR PEACE·Subch. VI

(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 t

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(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).

7 U.S.C. § 1738b (Eligibility for benefits under Facility) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(July 10, 1954, ch. 469, title VI, §603, as added Pub. L. 101–624, title XV, §1512, Nov. 28, 1990, 104 Stat. 3658; amended Pub. L. 102–237, title III, §302, Dec. 13, 1991, 105 Stat. 1855.)

Editorial Notes

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.