Sec. 501. Engaging international financial institutions to advance the reconstruction of Venezuela’s economy and energy infrastructure
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The President shall engage 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 President shall consult with relevant stakeholders in the humanitarian (including international and nongovernmental organizations), 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 President may not support lending or financing for Venezuela 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 any such lending or financing— would be managed by the Interim President of Venezuela or a new, democratically elected President; would not be used to repay external creditors who are not members of the Group of Seven unless such payments are essential to the restoration of economic stability and democracy in Venezuela; and would not benefit the Maduro regime.