NewsWhore
09-03-2010, 06:00 PM
The government has reached an agreement with the International Monetary Fund (IMF) with a commitment to moderating its own spending and restraining the electricity subsidies, as reported in Diario Libre. Murilo Portugal, deputy managing director of the IMF made the announcement after a meeting with Central Bank governor Hector Valdez Albizu, Economy, Planning and Development Minister Temistocles Montas and Hacienda Minister Vicente Bengoa. Portugal spoke of a gradual fiscal consolidation and efforts to maintain domestic demand for sustainable growth, as reported in Diario Libre.
He said that the authorities would sign a Letter of Intent to be presented to the IMF Executive Board for consideration.
The IMF had issued a statement on 20 August saying that more efforts needed to be made in taxation and reducing the electricity subsidy.
The IMF has observed that the economy has recovered and grew 7.5% in the first half of the year, with inflation below the Central Bank target of 6-7%.
More... (http://www.dr1.com/index.html#1)
He said that the authorities would sign a Letter of Intent to be presented to the IMF Executive Board for consideration.
The IMF had issued a statement on 20 August saying that more efforts needed to be made in taxation and reducing the electricity subsidy.
The IMF has observed that the economy has recovered and grew 7.5% in the first half of the year, with inflation below the Central Bank target of 6-7%.
More... (http://www.dr1.com/index.html#1)