NewsWhore
07-20-2011, 06:40 PM
With the IMF board of directors' approval of the latest Letter of Intent and reviews of the Stand-by Arrangement of November 2009, the international financial agency will disburse US$348 million for use by the Dominican Republic. Customs director Rafael Camilo said that the money would be most important for this year's budget and next year's as well.
The IMF said that the board also approved a non-observance waiver regarding some of the performance criteria in the current balance of the public electric sector and waivers for applicability of the relevant criteria for the end of June 2011. They also approved the modification of the performance criteria on the current balance of the public electricity sector and the net domestic assets of the Central Bank for the end of September 2011 and the end of December 2011. What the IMF calls the Stand-by Arrangement is a 28-month deal by which the Fund will provide Special Drawing Rights for about US$1.74 billion at the current rate of exchange. The government says this money will be used for education and other social projects, as well as shoring up the Central Bank's financial reserves and maintaining long-term macro-economic stability.
The IMF recognized that "fiscal management was complicated by rising oil prices, which inflated electricity subsidies in the absence of a flexible pricing mechanism."
More... (http://www.dr1.com/index.html#4)
The IMF said that the board also approved a non-observance waiver regarding some of the performance criteria in the current balance of the public electric sector and waivers for applicability of the relevant criteria for the end of June 2011. They also approved the modification of the performance criteria on the current balance of the public electricity sector and the net domestic assets of the Central Bank for the end of September 2011 and the end of December 2011. What the IMF calls the Stand-by Arrangement is a 28-month deal by which the Fund will provide Special Drawing Rights for about US$1.74 billion at the current rate of exchange. The government says this money will be used for education and other social projects, as well as shoring up the Central Bank's financial reserves and maintaining long-term macro-economic stability.
The IMF recognized that "fiscal management was complicated by rising oil prices, which inflated electricity subsidies in the absence of a flexible pricing mechanism."
More... (http://www.dr1.com/index.html#4)