A negotiating team of economists will travel to Washington, D.C. next week to present the International Monetary Fund with a readjusted Letter of Intention. Specifically, the idea is to establish a deadline for the final dismantling of the subsidy on propane gas, according to Banks Superintendent Rafael Camilo. As carried in Hoy, Camilo told a press conference that the economic team will review the goals set forth in the current Letter of Intent. For example, the IMF set a goal for inflation to be 12%, but according to the Presidential economic team, it is quite possible that inflation this year will be closer to 9%. The exchange rate of the peso and dollar will also come under scrutiny, as well as the economic growth rate for the second quarter of the year.
Regarding public spending, Camilo told the reporter that it will continue at the present rate, but there will have to be some adjustments as to the income flows.
Temistocles Montas, the Presidential Minister for Technical Affairs told the press that the team will also discuss the required structural changes needed by the country with the IMF technicians. Montas pointed out that the government had sent a set of six new bills to the Congress, and these needed to be acted upon. Among the proposals are bills for the Controller’s Office, the Treasury department, the state purchasing and for the letting of government contracts for public works.