President Leonel Fernandez promised that the IMF agreement would not mean further sacrifices for the Dominican people. Speaking to reporters at the Hotel Larimar in Barahona, the President said that the IMF agreement would not affect people’s purchasing power, quality of life or welfare. The chief executive told his audience that the signing of the renewed Stand By agreement was nothing more than a continuation of the measures needed to restore fiscal discipline back in August 2004. Fernandez said that he was sure that the agreement and the discipline it imposes on the nation would limit the deficit to 0.7% or less of GDP. He denied that the measure would mean new taxes on fuels.