The Listin Diario carries the headline that the principles of the tax reform agreed upon will not affect those least able to pay. Monsignor Agripino Nunez Collado, rector of the Pontifical Catholic University Madre y Maestra, explained that the meeting between President Mejia and President-elect Fernandez was at the behest of the ?multilateral organizations? in order to get the IMF negotiations back on track. Nunez Collado told reporters that the taxes to be approved would not target the poor, and that the major problems that incoming President Fernandez would have to face would be that of the electricity crisis and honoring the Central Bank certificates. Meanwhile, several reactions are being reported by the newspapers. Lisandro Macarrulla, the president of the Dominican Industrial Association (AIRD), said that the sector he represents is not in favor of increasing the VAT (ITBIS) tax. He feels there are other ways to obtain funds, such as ad-valorum taxes on luxury vehicles and additional taxes on imported vehicles, and he estimated that as much as RD$3 billion could be collected by such mechanisms. The Diario Libre reports that the commercial banking establishments are not in favor of taxing interest earned on CDs, for fear the depositors will view such a move as a sort of ?conspiracy? against their money. The banks themselves feel that this kind of tax would work against any efforts to save money. The 12 commercial banks that make up the banking association (ABA) pointed out that many try to live off their savings and have already been seriously harmed by the devaluation and the reduced purchasing power of the peso. The ABA reaffirmed its position that a tax reform must be accompanied by a more efficient tax administration. Lastly, the ABA sees that a tax on savings interest would likely increase consumption and therefore reduce money available for investment.