Central Bank authorities are traveling to Washington today to finalize the letter of intent of the Stand-By Agreement with the International Monetary Fund (IMF). Governor Hector Valdez Albizu stated that the parameters agreed upon with the IMF, in both fiscal and monetary terms, are being complied with easily. Valdez Albizu insisted that the government has managed its fiscal policy with strict austerity and that it has had a fiscal surplus of RD$10.6 billion as of last June. He said that the government had inherited a difficult fiscal situation, since last year the deficit of the non-financial public sector was -3.3%. This has to be diminished during this year to<\/p>\n
-0.7% within the IMF agreement’s program. He said that the RD$10.6 billion surplus will have to be used to cover the effects of the increase in the price of oil and the LPG subsidy. He highlighted that thanks to the austere and disciplined fiscal policy maintained by the government, instead of having a RD$6 billion deficit as programmed by the IMF, it has a RD$10.6 billion surplus.<\/p>\n","protected":false},"excerpt":{"rendered":"
Central Bank authorities are traveling to Washington today to finalize the letter of intent of the Stand-By Agreement with the International Monetary Fund (IMF). Governor Hector Valdez Albizu stated that the parameters agreed upon with the IMF, in both fiscal and monetary terms, are being complied with easily. Valdez Albizu insisted that the government has … <\/p>\n