Dominican President Meets with IMF Technical Mission

Dominican President Meets with IMF Technical Mission
Santo Domingo, 11/14/2010

Dominican President Leonel Fernández, met with the technical mission of the International Monetary Fund (IMF), which gave a “highly satisfactory” rating to the performance of the Dominican economy, which by September had grown 7.6 percent. This information was delivered by the Central Bank Governor Héctor Valdez Albizu, who accompanied the IMF mission led by Alejandro Santos, IMF representative in the Dominican Republic.

It also said that the IMF estimates that the country’s economy is growing at a vigorous pace, exceeding all expectations.

Mr. Albizu said that the IMF mission presented a report to the government of its evaluation of the economic development during July, August and September “which was highly satisfactory.” The authorities have complied with the agreement, according to the latest review done in September of the nation’s IMF program, reported the Presidential Office of Information, Press and Publicity.

It also said that the IMF estimates that the country’s economy is growing at a vigorous pace, exceeding all expectations.

“This has been very pleasant news, very positive, that the opinion is very satisfactory with regard to the fulfillment of the IMF program, above all regarding the results of the non-financial public sector, that is the government, which closed “with room” with respect to the targets which is positive, as are the reserve levels of the Central Bank, declared Albizu.

The IMF understands that the Dominican economy is turning around, the Central Bank Governor added, and observed that by September of this year, growth had been at 7.6 percent with positive changes forecast in future projections.

“We hope to close at around 7 percent.”
The governor also explained that with regard to public spending, the authorities closed below the estimate made in the 2010 National Budget and General Law of Public Revenue and Expenditure.

Likewise, Valdez Albizu stressed that the International Monetary Fund denied that the authorities are planning to apply new tax reforms, as certain sectors have suggested. He said that 400 to 500 million dollars are expected to enter the country in the coming months as a result of the IMF accord and that $250 million of a total of $700 million had already been received.

President Fernández led the meeting with the IMF mission to hear the results of their evaluation of the July-September quarter, informed the Central Bank governor.