The Dominican Republic has paid off US$1.473 billion of its debt over the past two years. The total debt of the nation is pegged at 41% of the Gross Domestic Product (GDP). For the years 2002, 2003, and 2004, the debt was at 27%, 54% and 52.5% of GDP. Long term negotiations with the Paris Club and other international lending institutions have lessened the immediate debt payment schedule but, still during July-August, the country will pay US$102.3 million in debt service charges. Debt service accounts for 26% of the National Budget and 35% of the total tax income.