Finance Minister Vicente Bengoa, and the Japanese Ambassador in the DR, Haruo Okamoto, have signed an agreement whereby the interests on the Dominican debt are reduced, as reported in Diario Libre. The debt – 3.251 million yen (RD$837 million at the current exchange rate) – had been incurring interest rates of 8% and 4.2%, which have now been reduced to 1.04% and 1.5%, respectively. Bengoa said this agreement is part of the debt renegotiation with the Paris Club. According to Listin Diario, the renegotiation includes an 10-year extension for re-payment. Bengoa explained that this rescheduling will improve the management of economic and financial difficulties. Okamoto said this agreement represents the fourth re-structuring of the external debt of the Dominican government.