2005News

Paris Club countries reschedule debt

A sigh of relief was heard in the hallways of the Ministry of Finance as minister Vicente Bengoa announced that the Paris Club nations had agreed to a rescheduling of the Dominican Republic’s outstanding debt. This step will allow the IMF agreement to move forward without further difficulties. Bengoa said that the rescheduling frees the country from an immediate payment of US$193 million that had been due in 2004 and another US$139 million which was to have been paid during 200Bengoa told Hoy reporters that the agreement with the Paris Club takes a lot of pressure off of the exchange market, since the government won’t have to go after these US$332 million right away. Bengoa also said that the government has the US$65.5 million needed to pay for the electricity subsidy.