NewsWhore
06-24-2008, 05:10 PM
IMF Deputy Managing Director Murilo Portugal says that high fuel and energy prices are negatively affecting the country's deficit in the current accounts balance of payments. The economist said the issue with fuel and energy prices is more a problem of balance of payments than inflation. He explained that for every US$10 rise in barrel prices, the deficit in the current accounts increases by US$400 million for the DR. He explained that the DR needs an extra US$500 million to deal with the issue. Yesterday, Portugal and other IMF officials met with the DR's economic team and members of the private business sector. Portugal is expected to meet with President Leonel Fernandez today and is due to speak to the media shortly afterwards. El Caribe reports that Portugal is in the DR at the invitation of Central Bank Governor Hector Albizu.
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