NewsWhore
03-08-2011, 03:20 PM
Because much of the International Monetary Fund agreement is based on oil prices that are now far below the international market prices, the new Minister of Hacienda Daniel Toribio will travel to Washington within the next few days to review the IMF Stand-by Arrangement. Minister of Economy, Planning and Development Temistocles Montas made the announcement after a meeting with the President and the economic cabinet yesterday afternoon.
El Caribe and other newspapers said that "the new minister will have to offer alternatives to the IMF, given the fact that at the end of 2010, the IMF projected oil prices to average less than US$80 a barrel and now, at least in January, they are predicting that the average for 2011 will be around US$90."
Unfortunately for consumers, Montas also said that the recent 11% electricity rate increase was not going to be enough to cover the increased payments on the electricity subsidy, and the new oil prices could produce "financial blackouts".
More... (http://www.dr1.com/index.html#3)
El Caribe and other newspapers said that "the new minister will have to offer alternatives to the IMF, given the fact that at the end of 2010, the IMF projected oil prices to average less than US$80 a barrel and now, at least in January, they are predicting that the average for 2011 will be around US$90."
Unfortunately for consumers, Montas also said that the recent 11% electricity rate increase was not going to be enough to cover the increased payments on the electricity subsidy, and the new oil prices could produce "financial blackouts".
More... (http://www.dr1.com/index.html#3)