NewsWhore
09-03-2012, 04:10 PM
A high-level Dominican government mission will be visiting Washington in less than two weeks to hold a first meeting with representatives of the International Monetary Fund (IMF) with the aim of securing a stand-by arrangement. The Dominican delegation will be made up of the members of the government's economic team, headed by Minister of Economy Temistocles Montas, Minister of Hacienda Simon Lizardo and Central Bank governor Hector Valdez Albizu. The three, all high-ranking financial officials in the previous government, were involved with previous Stand-by arrangement negotiations.
The mission will leave for the US on 17 September at a time when the new Medina administration is struggling with a pressing deficit, estimated by economists at over RD$100 billion, which includes arrears with the electricity generators said to exceed US$1 billion. The government has announced plans to place US$500 million in bonds on the local market.
The government planned starting negotiations for integrated fiscal reform as set out in the National Development Strategy (END in Spanish) with private sector and civil society representatives last Thursday, 30 August, but this was postponed at the authorities' request in order to analyze the economic situation with the IMF and obtain their recommendations before proceeding. The fiscal deficit increase came about after the last administration headed by Leonel Fernandez suspended the most recent stand-by arrangement with the IMF.
More... (http://www.dr1.com/index.html#1)
The mission will leave for the US on 17 September at a time when the new Medina administration is struggling with a pressing deficit, estimated by economists at over RD$100 billion, which includes arrears with the electricity generators said to exceed US$1 billion. The government has announced plans to place US$500 million in bonds on the local market.
The government planned starting negotiations for integrated fiscal reform as set out in the National Development Strategy (END in Spanish) with private sector and civil society representatives last Thursday, 30 August, but this was postponed at the authorities' request in order to analyze the economic situation with the IMF and obtain their recommendations before proceeding. The fiscal deficit increase came about after the last administration headed by Leonel Fernandez suspended the most recent stand-by arrangement with the IMF.
More... (http://www.dr1.com/index.html#1)