ECLAC official on IMF

[NewsWhore]

The executive secretary for the Economic Commission on Latin America and the Caribbean, Jose Luis Machinea, said yesterday that the Dominican economy could progress without using the IMF as a crutch. The minister acknowledged the work that the IMF has done in accelerating economic recovery and helping re-establish the country's economic credibility, but he was quick to point out that you can't remain tied to the IMF forever and that the DR needs to "learn to walk without crutches." The economist suggested increasing high value exports and interest rates as part of monetary policies to attract investments. Machinea spoke on the outlook for the Dominican economy in 2008, saying that if the country isn't prepared, the reduced growth of the US economy could have negative effects on the Dominican economy. Machinea also considered it important for the government to increase investment in infrastructure, electricity, education, innovation and other areas. Machinea made his comments during a conference of Outlook on the World and Latin American Economies for 2008. The conference was organized by the Economy, Planning and Development Ministry. During his speech the ECLAC secretary highlighted the DR's ongoing commitment to democracy, saying that in 2006 the DR was 93rd in human rights and that last year the country jumped to 69th on the list. Machinea also highlighted how the quality of life in the DR has improved, led by the increase in the life expectancy rate to 71.5 years, up from 67.4 years.

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