Fausto Adames, of the Listin Diario, reports that when the year 2003 comes to a close Dominicans will have lost 45% of their income, foreign investment will have fallen by 35% and the international monetary reserves of the Central Bank will be in the red. This bleak outlook was presented by Agustin Carstens, the chief director of the Executive Commission of the IMF, in a report on the Dominican economy prepared for local leaders working with the IMF. The study shows that after a decade of vigorous growth and macroeconomic stability, the economy is now facing serious issues with the collapse of Baninter playing a central role in the shattered confidence of the banking system, in addition to certain external problems. The GDP is estimated to undergo a -3% decline and a per capita GDP is estimated at 4.7%. Inflation is nearly 3.5 times as much as in previous years, and seven times the 1999 levels. The elections are cited as a major issue facing government planners, since public expenditures during an election period are seldom seen in Dominican history. Carstens cited four important points. The first is to find a solution for the weaker banks that have been identified. The second is to refocus on the banking system as a whole, using international auditors to spot future steps, as may be needed. The third step is to create a legal framework that will deal with systemic banking issues. The fourth step is heightened supervision of the banking sector.