Sec. 301. Engaging international financial institutions to advance the reconstruction of Venezuela’s economy and energy infrastructure
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The Secretary of Treasury, in consultation with the Secretary of State and the Secretary of Energy, should work through the United States Executive Directors to the International Monetary Fund and the Multilateral Development Banks to create a framework for the economic reconstruction of Venezuela, contingent upon the restoration of democracy and the rule of law in the country. The framework created under subsection
(a)should include policy proposals— to provide Venezuelans with humanitarian assistance, poverty alleviation, and a social safety net; to advance debt restructuring and debt sustainability measures; to restore the production and efficient management of Venezuela’s oil industry, including rebuilding energy infrastructure; to eliminate price controls and market distorting subsidies in the Venezuelan economy; and to address hyperinflation in Venezuela. In creating the framework under subsection (a), the Secretary of Treasury, the Secretary of State, and the Secretary of Energy shall consult with relevant stakeholders in the humanitarian, financial and energy sectors. It is the sense of Congress that any effort to conduct debt restructuring should— include discussions with China, which is Venezuela’s biggest creditor; and appropriately account for China’s and Russia’s high-risk lending to Venezuela. The Secretary of Treasury may not support lending or financing from the International Monetary Fund and the Multilateral Development Banks until the Secretary of State submits a report to the Committee on Foreign Relations of the Senate and Committee on Foreign Affairs of the House of Representatives certifying that the Government of Venezuela is committed to— restoring democracy and the rule of law; freeing political prisoners; facilitating the delivery of humanitarian aid; and establishing conditions for free and fair democratic elections. Upon a request from the Committee on Foreign Relations of the Senate , the Committee on Foreign Affairs of the House of Representatives , the Committee on Finance of the Senate , or the Committee on Ways and Means of the House of Representatives , the Secretary of Treasury shall brief the requesting committee on the progress made in implementing the framework created under subsection (a).