Technical Secretary of the Presidency Carlos Despradel said that JP Morgan does not have any in-depth knowledge of the economic problems that affect the Dominican Republic. To correct this, he invited their economic analysts to travel to the DR. According to Despradel, the present economic situation was caused by the collapse of Baninter and the financial problems that have plagued the Bancredito and Mercantil banks.
He made the statement in reference to that firm’s most recent newsletter on the Dominican Republic, in which it is mentioned that re-election is a priority for the present administration.
Despradel said that the nation’s economic team is not involved in the re-election process and confirmed the IMF stand-by arrangement is on hold until a committee can evaluate the buyback agreement the government has signed with the Spanish electricity company, Union Fenosa.
For the JP Morgan report, see http://www.dr1.com/news/2003/100703_JPMorgan.pdf