Pedro Silverio, the chief economist at the Economic Research Center for the Antilles (CENANTILLAS), told reporters for Hoy that the 2004 budget was devised using an exchange rate of RD$40 to US$1. This, in his opinion, shows that neither the government nor the IMF believe in the current RD$35-to-US$1 rate that is being ballyhooed in the local papers. This is also a reflection, said Silverio, of the IMF’s opinion of the militarization of the exchange banks. Silverio says the repressive force used by the government has failed. At the same time, Silverio called the government’s policy of indebtedness “a disaster.” He reminded the reporters that the foreign debt currently exceeds 40% of the GDP, while just a few years ago it stood at 18%.