The Central Bank issued a communiqu? last night outlining the aims of the imminent agreement with the International Monetary Fund. The agreement is defined as an ?Economic Stabilization Program?, designed to strengthen the
banking system, boost macroeconomic policies, reduce public debt in the medium term and prevent financial deterioration. The government?s negotiating team says the purpose of the communiqu? (carried in full in all today?s papers) is to create a
stable dollar-peso exchange rate, and structural reform of the energy sector and social security system. It adds that the government strategy is to restore public confidence in the banking system, as well as to protect depositors, and is striving for
a unified and properly regulated currency exchange market, backed by a solid monetary policy. The authorities are preparing legislation aimed at improving regulation of the banking sector, with the technical assistance of international financial
institutions. As far as the package of economic measures is concerned, the statement says that the government hopes to improve social programs, as part of its commitment to protect the poorer sectors from the effects of the crisis. These goals,
according to the communiqu?, comprise the content of negotiations that have taken place between the Dominican government?s negotiating team and the IMF delegation that visited the country last week. They are hoping that the IMF executive authorities
approve the program by the end of this month.