A team of government officials, including the finance minister and Central Bank governor, will travel to Europe this weekend in search of funding that will allow the country to meet some of its payment obligations. While there, the officials will also meet with the Paris Club and lay out the plans to comprise the new strategy for payment to the private sector banks and the bond holders. During the mid-September talks, the Dominican negotiators outlined plans to pay non-structured debts of US$40 million.
Meetings are also scheduled with members of the US Treasury Department. Juan Temistocles Montas, the chief of the President’s economic team, will lead the delegation, also scheduled to visit Spain in the hopes of securing US$230 million in generously-termed financing. This money would be used to pay part of the quasi-fiscal deficit and cover disbursements that have been pre-empted by the breakdown of the IMF StandBy Agreement under the Mejia administration. Sources said that talks in the United States would also touch on obtaining some financing.