IMF concludes review

[NewsWhore]

The International Monetary Fund has finished its eighth and final review of the Stand-by arrangement with the DR. As a result, the IMF has approved the disbursal of US$122.3 million, of which $77.05 million are in Special Drawing Rights. The review of the letter of intent was on the agenda after being delayed for "unintentional technical mistakes". Central Bank Governor Hector Valdez Albizu said that the amount to be disbursed by the IMF is the largest that the DR was entitled under the agreement. Valdez said that the IMF agreement was signed on 31 January 2005 for a total of US$695.1 million, or $437.8 million in Special Drawing Rights. The agreement was then extended on 30 January 2007. The letter of intent published by the Central Bank included some dispensations for the private financial sector surplus, as a result of the effects of Tropical Storms Olga and Noel. The letter also included dispensations for not approving modifications to the Monetary and Financing Law. According to Valdez, the IMF also approved dispensations on the application of a single account for the National Treasury.

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