President-elect Leonel Fernandez announced yesterday the members of his incoming administration?s economic team, deemed to be his crisis management team. Fernandez said the group is working to prepare the measures that will be adopted during the first 100 days of his term. All those chosen are previous cabinet members of his 1996-2000 administration.
The incoming head of state explained that because of the current economic crisis, he felt it important to appoint these officers before taking office to give the signal that there is a crisis team at work. He said other cabinet ministers would be appointed on 16 August, the date of the inception of his new government, as reported in Diario Libre.
The PLD?s economic team will consist of:
Hector Valdez Albizu, Central Bank Governor (formerly Central Bank Governor)
Vicente Bengoa, Finance Minister (formerly Superintendent of Banks)
Daniel Toribio, administrator of the Banco de Reservas (formerly Finance Minister)
Temistocles Montas, Technical Secretary of the Presidency (same post formerly held at the end of 1996-2000 administration)
Rafael Camilo, Superintendent of Banks (formerly director of the Planning Office)
Miguel Cocco, Customs Director (same post formerly held)
Juan Hernandez, Internal Revenue Director (same post formerly held)
Julio Ortega, president of the council of economic advisors to the Executive Branch (former deputy technical secretary of the Presidency)
Franco Uccelli of Bear Stearns says that by announcing his economic team prior to his 16 August inauguration, Fernandez is giving indication to the market that the most effective way to confront the country’s many challenges head-on is by relying on proven and experienced public servants.
Uccelli comments that several of the new appointees have already been working toward that goal as part of Fernandez’s transition team, which has been actively working in conjunction with the outgoing PRD administration and multilateral institutions to formulate an effective crisis containment and resolution strategy. ?Moreover, with an IMF technical mission presently in Santo Domingo, Fernandez has seemingly opted to afford his new front-men a more authoritative and official role in their dealings with the country’s key current life-line,? he writes in a 4 August release. While viewing the team as a group of ?competent professionals,? Uccelli expresses the concern that ?the team has never been fully tested.? He says ?they were at the helm of the country’s economy at a time when conditions were supportive of some smooth sailing. This time around, however, they will be forced to navigate through some rough waters.?