IMF closes office in DR

[NewsWhore]

The International Monetary Fund is closing down its office in the Dominican Republic at the end of this month. The announcement was made to the press by Eric Offerdahl, the IMF country representative. The decision to close the local office is part of an internal process of reorganization and modernization that will see the closure about 20 offices around the world, including Latin America. As part of this process, there will be regional offices covering more than one country. Offerdahl pointed out that despite the local office closure, the IMF will keep its obligation to work closely with the Dominican authorities and try to support their goals of sustainable development and macro-economic stability. The IMF representative said that the Dominican Republic has made a good recovery from the banking crisis of 2003 and had successfully completed the Stand-by Agreement with the IMF by January this year. Finally, Offerdahl said that the IMF will take part in a meeting between the Dominican government and financial institutions planned for August and will send a team to help monitor the process.

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