IMF has a hard time with deputies

[NewsWhore]

The latest International Monetary Fund (IMF) mission has had a hard time selling some of its ideas to the leaders of the Chamber of Deputies. The IMF mission, headed by Andy Wolfe, met with chamber president Julio Cesar Valentin and members of the permanent commission on public debt last Monday. The meeting was about the IMF's urgent request to recapitalize the Central Bank, a measure that has to be approved by the Chamber of Deputies. During the meeting, which lasted for more than two hours, the deputies told the IMF officials that a piece of legislation of this magnitude could just not be approved so quickly. Commission chairman Ramon Cabrera told Diario Libre reporters that he is against transferring resources that could be better used in education or public health to the Central Bank. He said "the essence of this project is to transfer RD$220 billion from other institutions to the Central Bank over ten years, which means that resources for education, public health and other social expenditures will be lower." The outcome of the meeting was that the deputies would take their time deliberating the legislation, the deadline for which is 30 May, and which is, among other things, one of the prerequisites for further IMF disbursements totaling as much as US$200 million.

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