2005News

IMF: DR scores badly on energy

The International Monetary Fund (IMF) mission that visited the DR from last 16 August to 27 August has reported that there has been no improvement in the electricity sector. IMF mission chief in the DR, Gue Meredit, said yesterday in Washington that although achievements within the program are still favorable, the DR had to request dispensation because it did not fulfill the goal established for the electric sector. This was due to the failure to target the subsidy and improvement in collections from users, plus an excess of employees in the electric sector. According to Meredith, there has been progress in structural reforms such as the bill for the improvement of fiscal operations and for the strengthening of the structure of monetary and financial institutions. The IMF is waiting for the tax policy framework for 2006 to be defined in the next few days, so that their technical and senior management teams can revise the Letter of Intent with the government.