NewsWhore
09-10-2012, 04:00 PM
A mission from the International Monetary Fund (IMF) arrives today, Monday 10 September, to begin immediate talks for the signing of a possible agreement between the agency and the government. No details of the negotiations have been disclosed, but it is expected that the IMF will meet with the governor of the Central Bank, Hector Valdez Albizu this afternoon, and then with the other members of the government economic team. President Medina announced the visit last week.
Economist Henri Hebrard told Diario Libre that he has suggested to the government that it should try and reach an agreement of the "Stand-by" type, as in former years, but "more realistic". The authorities are trying to negotiate an agreement with the IMF partly because of the high fiscal deficit and for the problems with the payment of the debt with the electricity generators, which surpassed US$1 billion at the change of administration.
The country signed its first agreement with the IMF in 1959. To date there have been seven stand-by agreements and one with broader facilities, signed in 1983 during the Salvador Jorge Blanco (PRD) government. The last administration (under Leonel Fernandez) broke off the stand-by arrangement for US$1.7 billion with the IMF in February. It had been in effect since 2009, but the seventh and eighth reviews were postponed and are still pending given that it was an electoral year. A news story in Hoy says that the CDEEE's overall deficit could reach US$1.8 billion this year.
http://www.hoy.com.do/economia/2012/9/7/445337/Deficit-de-CDEEE-alcanzara-los-US1800-millones-este-ano
More... (http://www.dr1.com/index.html#4)
Economist Henri Hebrard told Diario Libre that he has suggested to the government that it should try and reach an agreement of the "Stand-by" type, as in former years, but "more realistic". The authorities are trying to negotiate an agreement with the IMF partly because of the high fiscal deficit and for the problems with the payment of the debt with the electricity generators, which surpassed US$1 billion at the change of administration.
The country signed its first agreement with the IMF in 1959. To date there have been seven stand-by agreements and one with broader facilities, signed in 1983 during the Salvador Jorge Blanco (PRD) government. The last administration (under Leonel Fernandez) broke off the stand-by arrangement for US$1.7 billion with the IMF in February. It had been in effect since 2009, but the seventh and eighth reviews were postponed and are still pending given that it was an electoral year. A news story in Hoy says that the CDEEE's overall deficit could reach US$1.8 billion this year.
http://www.hoy.com.do/economia/2012/9/7/445337/Deficit-de-CDEEE-alcanzara-los-US1800-millones-este-ano
More... (http://www.dr1.com/index.html#4)