Problems with the IMF?

[NewsWhore]

Economy, Planning and Development Minister Temistocles Montas is warning that there might be some problems with the IMF in the seventh review of the Stand-by arrangement that pretty much controls government spending. According to Montas, two legislative initiatives still need to be approved by Congress - the Criminalization of Electricity Theft and the Central Bank Capitalization. Montas said that the government is doing everything it can to get the legislation passed but if it does not go through, these two issues will have to be taken up with the IMF team that is arriving today to look at the country's progress. According to the MEPD minister, the IMF team will work out a new Letter of Intent that will be placed before the IMF board of directors in June. After the approval of the fifth and sixth Letters of Intent, the DR received a disbursement of US$57 million from the IMF and, according to Montas, US$228 million is still pending, which would be used to capitalize the Central Bank. The electricity theft bill was opposed by business and consumer sectors that complain it would increase the cost of doing business and was one-sided in the penalties applied for fraud.

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