NewsWhore
03-29-2012, 03:00 PM
Danilo Medina has told an elite audience that he would sign an agreement with the International Monetary fund. The PLD presidential candidate Danilo Medina, said yesterday, Wednesday 28 March, that if he wins the 20 May election, he will work towards a new "precautionary" stand-by arrangement with the International Monetary Fund, which will be used as a contingency line of credit to be used when it is needed.
During the traditional monthly luncheon of the American Chamber of Commerce in the Dominican Republic (AmCham) with the candidates, he showed how that this type of an agreement would be of the Stand-by variety and would not imply the disbursement of funds so as "not to increase the national debt levels ... It is my understanding that this new agreement should be no longer than eighteen months in order to ensure the advances that we have achieved in economic matters (...)," he declared. The arrangement for this deal with the IMF would begin during the transition and would be, moreover, part of the groundwork for the eagerly awaited integrated fiscal reform that diverse sectors are asking for.
Medina noted that before embarking on integrated fiscal reform, they need to balance state income with expenditure and pass a fiscal responsibility law that guarantees a positive balance in the state accounts. Once this is achieved, it will be possible to approve a tax reform with a "consensus" which simplifies the tax laws, reduces the taxes and the cost of the debt "in order to sustain the macro-economic variability we have achieved."
More... (http://www.dr1.com/index.html#7)
During the traditional monthly luncheon of the American Chamber of Commerce in the Dominican Republic (AmCham) with the candidates, he showed how that this type of an agreement would be of the Stand-by variety and would not imply the disbursement of funds so as "not to increase the national debt levels ... It is my understanding that this new agreement should be no longer than eighteen months in order to ensure the advances that we have achieved in economic matters (...)," he declared. The arrangement for this deal with the IMF would begin during the transition and would be, moreover, part of the groundwork for the eagerly awaited integrated fiscal reform that diverse sectors are asking for.
Medina noted that before embarking on integrated fiscal reform, they need to balance state income with expenditure and pass a fiscal responsibility law that guarantees a positive balance in the state accounts. Once this is achieved, it will be possible to approve a tax reform with a "consensus" which simplifies the tax laws, reduces the taxes and the cost of the debt "in order to sustain the macro-economic variability we have achieved."
More... (http://www.dr1.com/index.html#7)