IMF approves LOI

[NewsWhore]

The governor of the Central Bank of the Dominican Republic confirmed that the International Monetary Fund has approved the Letter of Intent (LOI) that covers the second and third review of the Stand-by Arrangement signed last November. According to Listin Diario, Hector Valdez Albizu also announced that the Dominican economy grew by 7.6% during the first nine months of the year. The good news is this will bring in fresh resources. Valdez noted that the approval of the LOI means that the Dominican Republic will have access to 158 million Special Drawing Rights, equal to some US$249 million. The Central Bank governor added that the government would be obtaining another US$530 million from the Inter-American Development Bank and the World Bank.

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