NewsWhore
11-02-2010, 03:10 PM
The representative of the International Monetary Fund (IMF) joins those who have expressed concern about the pace of loan-taking by the Fernandez administration. The criticism has ranged from the quality of the loans, the use of the loans for non-priority and unproductive projects, the high cost of borrowing from commercial banks and the increasing amount of tax revenues that are now being allotted to pay for debt. Alejandro Santos, representative of the IMF, yesterday recommended curbing the borrowing. Nevertheless, he said that the level of indebtedness of the DR, estimated at 35% of the GDP, is moderate when compared to Jamaica's borrowing now at 80% of GDP. The Ministry of Hacienda website lists the debt to GDP as 41% of GDP.
Santos had praise for the Dominican authorities, saying it has recovered from the effects of the international financial crisis and is posting a GDP growth of 7.5% this year, as reported in El Dia.
An International Monetary Fund (IMF) mission led by Alejandro Santos is in Santo Domingo for the fourth review of the Stand-by arrangement. If the review is approved, the country will have access to an additional US$117 million under the agreement signed in November 2009, which ends in 2012. Economy Minister Temistocles Montas made the announcement yesterday, as the meetings with the IMF mission began.
More... (http://www.dr1.com/index.html#1)
Santos had praise for the Dominican authorities, saying it has recovered from the effects of the international financial crisis and is posting a GDP growth of 7.5% this year, as reported in El Dia.
An International Monetary Fund (IMF) mission led by Alejandro Santos is in Santo Domingo for the fourth review of the Stand-by arrangement. If the review is approved, the country will have access to an additional US$117 million under the agreement signed in November 2009, which ends in 2012. Economy Minister Temistocles Montas made the announcement yesterday, as the meetings with the IMF mission began.
More... (http://www.dr1.com/index.html#1)