2004 – Page 238

Traffic is much more pleasant in the Dominican Republic these days. One of the reasons: Dominicans just can’t afford to use their vehicles as often as before. With the price of a gallon of gasoline hovering around RD$100, people are thinking twice. According to the president of the National Association of Gasoline Retailers (Anadegas), Juan …

Read more…

According to Bredyg A Disla of the Listin Diario, the power generators are saying they will need between 10 and 15 days to get completely back online because they lack any reserves in their fuel tanks. Disla cites “sources close to the sector” as saying that international suppliers have suspended all credit to the Dominican …

Read more…

El Caribe reports that the 200,000 Dominicans living in Puerto Rico are a fine example of hard-working people trying to get ahead. According to the article in the economy section today, Dominicans in Puerto Rico send US$80 million home each year. Most of these “criollos” work as taxi drivers, cleaners, street vendors or small-business owners. …

Read more…

Today’s papers report varying reactions to yesterday’s news that the agreement between the government and the International Monetary Fund (IMF) was back on track. While PRD politician Hatuey Decamps said it would be “terrible for the country because of the mess made by the President.” He also said the measures imposed by the agreement, such …

Read more…

In its main editorial, Hoy referred to the rekindled IMF accord as “the only light on the path: If we manage it correctly, it will help reposition our economy and our international reputation.” El Caribe lists several good-news items this week, including the IMF agreement, the agreement with the power companies, the World Bank and …

Read more…

The World Bank has approved a US$119.8-million loan to the Dominican government aimed at alleviating the effects of the economic crisis – especially the power predicament – and towards financial sector reform and consumer protection. According to the World Bank, US$12.5 million of those funds will contribute to poverty reduction and sustainable development by strengthening …

Read more…

New regulations governing foreign currency exchange come into effect as of today, as part of the agreement with the IMF. The Central Bank’s monetary board presented the new exchange regulations yesterday, which it said were aimed at “increasing transparency and efficiency in the exchange market and boosting its competitiveness.” The measures include mechanisms that will …

Read more…

The government and the power companies reached an agreement yesterday aimed at ending the prolonged power cuts that have besieged the country for the last few weeks. The power companies agreed to gradually increase the electric supply, providing the government makes payments to clear the debts they have accumulated. The government has allocated US$32.5 million …

Read more…

As per an 11 February article in The Financial Times, capital market analysts are waiting to see if the Paris Club will demand a rescheduling of all external debts owed, including its private debts. While the Dominican Republic has successfully passed an IMF loan review, emerging market analysts are still concerned that debt default could …

Read more…

Franco Uccelli of Bear Stearns writes in his update on the Dominican Republic that a government mission will be travelling to Washington next week to receive technical assistance from the IMF on Paris Club negotiating strategies and restructuring alternatives. Uccelli is optimistic that the Dominican Republic’s sovereign bonds will be subject to some sort of …

Read more…