NewsWhore
06-28-2011, 02:30 PM
The Dominican government expects to sign the latest Letter of Intent (LoI) with the International Monetary Fund (IMF) next 15 July, according to Economy, Planning and Development Minister Temistocles Montas. Montas said that the government's economic team was able to reach a consensus on the Letter of Intent, and if the IMF approves it, the way is opened for the country to an injection of more than US$800 million this year.
Montas said the discussions with the IMF should conclude by the end of the month with the signing of the letter, and they still have time until the 10th or 15th of July to present the Letter of Intent to the IMF board of governors.
The Minister said that the signing of the Letter of Intent with the IMF would allow the country to place a US$500 million sovereign bond issue. The IMF guarantee facilitates the placing of the bonds on the international markets at relatively low interest rates.
The deal will also allow the country to access funds from the IMF as part of the 28-month US$1.7 billion November 2009 Stand By Arrangement itself as well as another US$300 million from other international financial institutions, such as the Inter American Development Bank and the World Bank.
http://www.imf.org/external/np/sec/pr/2009/pr09393.htm
More... (http://www.dr1.com/index.html#1)
Montas said the discussions with the IMF should conclude by the end of the month with the signing of the letter, and they still have time until the 10th or 15th of July to present the Letter of Intent to the IMF board of governors.
The Minister said that the signing of the Letter of Intent with the IMF would allow the country to place a US$500 million sovereign bond issue. The IMF guarantee facilitates the placing of the bonds on the international markets at relatively low interest rates.
The deal will also allow the country to access funds from the IMF as part of the 28-month US$1.7 billion November 2009 Stand By Arrangement itself as well as another US$300 million from other international financial institutions, such as the Inter American Development Bank and the World Bank.
http://www.imf.org/external/np/sec/pr/2009/pr09393.htm
More... (http://www.dr1.com/index.html#1)