Review of the IMF Stand By Accords ends tomorrow
Diario Libre
SANTO DOMINGO. The International Monetary Fund (IMF) will wind up tomorrow the fifth review of the Stand By agreement, whose letter of intention will have to be endorsed by the Directors of the agency and which will permit eh Dominican government to access some US$150 million. The agreement was signed in November 2009 for a total of US$1.7 billion.
Finishing up the process, the IMF will publish a document where it will establish whether or not the authorities have complied or not with the goals established in the agreement and if they are in the affirmative, the government should present a letter of intention to the IMF Board for its approval.
Last week, the IMF representative in the country, Alejandro Santos, met with the Minister of Economy, Planning and Development, Temistocles Montas, to analyze part of the agreement. At the end of the meeting, Santos said that he felt optimistic with the performance of the Dominican economy and he said that he is hoping for a growth rate of between 5.5% and 6% for 2011.
He reminded reporters that in the middle of 2009 the economy was going through a complicated situation and the agreement was signed in the last quarter. The approval of the Stand By agreement by the Directors of the IMF allowed "a high level of IMF, World Bank and IDB* financing which gave more coherence to the state policies". *IDB = Inter American Development Bank.
At the same time, Montas assured his audience that the authorities have fulfilled with what was established and that the IMF has made some suggestions which will be analyzed to see how they can be fulfilled.
For several days an IMF mission has been in the Dominican Republic analyzing the economic and fiscal performance, as established by the Stand By agreements.
Besides Montas, the IMF executives have met with the governor of the Central Bank, Hector Valdez Albizu, the director general of Customs, Rafael Camilo, and other officials in the national economic area.
It will be remembered that the country has gone through four reviews in the current program and eight reviews previous to this agreement, which Temistocles Montas interpreted as a signal that there is a willingness within the government to do things right. After the previous revision, the country receives around US$168 million.
What was received from the IMF in 2010
It was calculated that the Dominican Republic received a total of some US$536.8 million during all of 2010. This was stated in a report from different institutions tied to the national economic sector.
Finishing up the process, the IMF will publish a document where it will establish whether or not the authorities have complied or not with the goals established in the agreement and if they are in the affirmative, the government should present a letter of intention to the IMF Board for its approval.
Last week, the IMF representative in the country, Alejandro Santos, met with the Minister of Economy, Planning and Development, Temistocles Montas, to analyze part of the agreement. At the end of the meeting, Santos said that he felt optimistic with the performance of the Dominican economy and he said that he is hoping for a growth rate of between 5.5% and 6% for 2011.
He reminded reporters that in the middle of 2009 the economy was going through a complicated situation and the agreement was signed in the last quarter. The approval of the Stand By agreement by the Directors of the IMF allowed "a high level of IMF, World Bank and IDB* financing which gave more coherence to the state policies". *IDB = Inter American Development Bank.
At the same time, Montas assured his audience that the authorities have fulfilled with what was established and that the IMF has made some suggestions which will be analyzed to see how they can be fulfilled.
For several days an IMF mission has been in the Dominican Republic analyzing the economic and fiscal performance, as established by the Stand By agreements.
Besides Montas, the IMF executives have met with the governor of the Central Bank, Hector Valdez Albizu, the director general of Customs, Rafael Camilo, and other officials in the national economic area.
It will be remembered that the country has gone through four reviews in the current program and eight reviews previous to this agreement, which Temistocles Montas interpreted as a signal that there is a willingness within the government to do things right. After the previous revision, the country receives around US$168 million.
What was received from the IMF in 2010
It was calculated that the Dominican Republic received a total of some US$536.8 million during all of 2010. This was stated in a report from different institutions tied to the national economic sector.
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