Economist Bernardo Vega is an exceptional essayist on economic themes, especially since he writes so well and so clearly. In today’s El Caribe, he sets out what the government must do in order for the IMF to consider the proposal for the renewal of the stand-by agreement that will help the Dominican Republic restore economic stability after the disastrous banking failures of two years ago. Vega says despite the many rounds of negotiation, the Dominican government still has 18 things to do before the year’s end to entice the IMF council to consider and, hopefully, approve the renewal. The major obstacle has not come from the PRD, as would be expected, but rather from the business sector, which is hindering the approval of the 2005 national budget. The industrialists have introduced legislation that will reduce official income without any corresponding reduction in expenditures or alternative sources for the lost income. The budget includes, among other things, new bond issuances, but the government wants to postpone any new “mini” tax reforms until January, because budget approval is the top priority. Another precondition is that the government must have liquidated all the late payments owed to the IDB, the World Bank and the Paris Club creditors. Moreover, negotiations must be started with the holders of sovereign bonds in order to extend the due dates under friendly terms. There are several other controls that the President will have to implement in the National Treasury, and these include decrees that will permit the centralization of all data concerning foreign debts and the elimination of all tax exemptions. The Central Bank is also being called upon to fulfill a series of measures that include the disposal of all of the assets that were offered as guarantees by the debtors of the failed banks, and the restructuring of those banking institutions. Even the energy sector is being obliged to undergo a rigorous reform that will be overseen by several of the international financial organizations. And with all of this work to be done, if Congress does not ratify the budget proposal for 2005 by the end of the year (that is, in eleven days) the IMF will not approve the stand-by agreement in January.