In an interview with Hoy newspaper, Carlos Despradel, Technical Secretary of the Presidency, said that income in dollars this year will be the highest in the history of the nation. He says that remittances from Dominicans living abroad, and receivables in tourism and export free zones are at record levels this year.
He also said that if back in 1990 we were able to launch the economy onto a sustainable growth track, there is no reason now not to accomplish the same goal but from a different perspective, notwithstanding an IMF agreement. He said that the disbursements the IMF would make would be gradual, in proportion with the pace the authorities are able to meet the economic conditions. ?This guarantees that the disbursements of IMF funds will be carried out in balance with the real needs of the country and the fulfillment of an austerity program that the government has drawn up,? he said.
Despradel explained that current problems are ?due to the flight of capital caused by the lack of confidence in the banking system, the economy and, possibly, the government.?
He expects the agreement with the IMF to put an end to the distrust and stop the departure of dollars.
These same measures would help the country prove to the world that it is generating more foreign exchange than ever, controlling the banking sector and public spending, said Despradel, who believes that once this has been accomplished, the capitals would start to flow in this direction and the country will return to normalcy.
He said that banking in the Dominican Republic would now be under much stricter supervision and have tighter controls than banking system of the United States. He said that international experts would oversee local banks.