The Medina administration reported that yesterday, Thursday 18 April the Treasury received the funds corresponding to the US$1 billion placement on foreign capital markets, the largest in Dominican history. The placement and use of the funds was assigned in the 2013 National Budget.
Administrative Minister of the Presidency Jose Ramon Peralta says that the administration under President Medina so far is proof that the government does not need the IMF to efficiently manage the economy. As reported in Hoy, Peralta says nevertheless that the government continues to be open to monitoring from international organizations on the understanding that it is good and healthy.
He said the Inter-American Development Bank and World Bank have praised the government’s management of economic and electricity programs and are backing the government.
Peralta said that the government is studying measures aimed at kick-starting the economy, which is suffering the effects of the major tax reform imposed in December 2012 and January 2013. He said the new measures would be announced in the next few days.
The last agreement with the IMF, a stand-by arrangement, was signed in 2009 and expired in 2012, but the country did not pass the seventh and eighth reviews and the agreement was not closed. At the same time, the World Economic Forum ranked the Fernandez administration in the top slot in the world when it comes to wasteful government spending in its 2012-2013 Global Competitiveness Report.
After being elected and prior to taking office as President, Danilo Medina said he would sign an agreement with the IMF. Missions from the IMF have traveled to the DR on two occasions to meet with the Presidency and the country’s economic team.
www.diariolibre.com/noticias/2013/04/19/i379872_gobierno-quiere-tutela-organismos-internacionales.html
www.hoy.com.do/el-pais/2013/4/18/476548/Peralta-Gobierno-no-necesita-tutela-para-manejo-economia