NewsWhore
11-10-2009, 03:40 PM
On Monday, 9 November the IMF approved the DR's proposal for a new Stand-by Arrangement, which will allow the DR to have access to US$1.7 billion (SDR$1,094.5 million) in funds over the next 28 months.
The approval of the DR's letter of intent comes as a budgetary relief as the government will now have access to US$300 and US$250 million in funds from the Inter-American Development Bank and the World Bank. The disbursement of these funds was contingent on the approval of the Stand-by Arrangement. For its part, the DR government must implement a fiscal policy that reduces the public sector deficit to 0.8% by the end of 2009, 0% in 2010 and eventually have a surplus of 2% by 2012.
See: www.imf.org/external/np/sec/pr/2009/pr09393.htm (http://www.imf.org/external/np/sec/pr/2009/pr09393.htm)
More... (http://www.dr1.com/index.html#1)
The approval of the DR's letter of intent comes as a budgetary relief as the government will now have access to US$300 and US$250 million in funds from the Inter-American Development Bank and the World Bank. The disbursement of these funds was contingent on the approval of the Stand-by Arrangement. For its part, the DR government must implement a fiscal policy that reduces the public sector deficit to 0.8% by the end of 2009, 0% in 2010 and eventually have a surplus of 2% by 2012.
See: www.imf.org/external/np/sec/pr/2009/pr09393.htm (http://www.imf.org/external/np/sec/pr/2009/pr09393.htm)
More... (http://www.dr1.com/index.html#1)