NewsWhore
10-18-2006, 03:20 PM
Next Sunday the latest mission from the International Monetary Fund will arrive in Santo Domingo to conduct the fifth revision and review of the Stand-by agreement. According to information given to Hoy newspaper, the gathering of fiscal statistics has posed the largest set of problems for the Central Bank and IMF officials. According to other sources, the newspaper says that the Presidential Ministry for Technical Affairs is working on gathering the numbers needed. The IMF tried to carry out the fifth revision last August but could not finish the task because the figures they required were not available. The delay in the fifth and sixth revisions has caused the IMF to extend the Stand-by accord for three months past its original completion date of April 2007. Most of the problems with the fifth revision are due to problems that have emerged with the fact that public spending has risen above what had been budgeted, while income levels have dropped below what had been projected. Of course, a lot of this has to do with the oh-so-touchy problem of electricity where the government subsidy had been programmed to reach US$350 million but will, in reality, reach US$500 million.
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