22 U.S.C. § 2430b — Eligibility for benefits

(a) Requirements. To receive benefits from the Facility^* under this subchapter, a country must be in Latin America or the Caribbean and—

(1) have a democratically elected government;
(2) have a government that has not repeatedly supported international terrorism;
(3) have a government that is not failing to cooperate on international narcotics-control matters;
(4) have a government, including its military or other security forces, that does not engage in a consistent pattern of gross violations of internationally recognized human rights;
(5) have in effect, have received approval for, or, when appropriate in exceptional circumstances, be making significant progress toward—

(A) an IMF standby arrangement, extended Fund arrangement, arrangement under the structural adjustment facility or enhanced structural adjustment facility, or, in exceptional circumstances, a Fund-monitored program or equivalent. This is not required if the President, after consulting the Board^*, determines that the arrangement or program could reasonably be expected to cause significant adverse social or environmental effects; and

(B) when appropriate, structural or sectoral adjustment loans from the International Bank for Reconstruction and Development or the International Development Association. This is not required if the President, after consulting the Board, determines that the resulting adjustment requirements could reasonably be expected to cause significant adverse social or environmental effects;

(6) have made major investment reforms together with an Inter-American Development Bank loan, or otherwise be implementing or making significant progress toward an open investment regime; and

(7) when appropriate, have agreed with commercial-bank lenders on a satisfactory financing program, including, when appropriate, debt or debt-service reduction.

(b) Eligibility determinations. Consistent with subsection (a), the President must decide whether a country is eligible for benefits under this subchapter. At least 15 days before making a formal designation, the President must notify the appropriate congressional committees^* of the intent to designate the country as eligible.