Business leaders and economists have called on the government to take urgent measures to stem the devaluation of the
peso, which yesterday had a value of as little as RD$37.50 to US$1. According to them, the government should introduce
austerity measures and make genuine reductions in its public spending, with the supervision of civil society
representatives. They also called on the government to get the standby agreement with the IMF back on track and begin the
process of tributary reform so as to dispel doubts regarding the sustainability of the income budget and the public
spending laws for 2004. Economist Eduardo Tejera said that a reactivation of the IMF accord “is essential to end the
crisis and restore confidence.” He suggested that the public and private sectors meet urgently to discuss the crisis and
accused the government of holding back information about the extent of the problems, especially in terms of the fiscal
deficit and international obligations. Tejera said that there should be greater coherence in the government’s economic
advisory team, which appeared to be divided, and that the President should give all his time to addressing the current
crisis. Economist Rolando Reyes agreed that the IMF agreement must be salvaged, but believes that fiscal change should go
beyond tributary reforms: “No tributary reform will bring about the sort of income necessary to cover costs for 2004.”