The International Monetary Fund reports on recent actions taken by the Dominican economic authorities to restructure debt and re-establish macro-economic and financial stability. In a letter about the Dominican Republic to members of the financial community dated 20 April, Rodrigo de Rato, managing director of the IMF stated that key elements of the program include a substantial fiscal adjustment and structural reform measures. The IMF maintains a 28-month stand-by arrangement as of 1 February 2005. De Rato said that the program also has the approval of the World Bank, the IDB and Paris Club member bilateral creditors.<\/p>\n
The program is described as: “a bond exchange offer that aims to help solve the country’s short-term liquidity problem in a manner consistent with medium-term debt sustainability. Discussions are also well advanced on rescheduling external private bank loans and suppliers credits to the Dominican Republic. A successful bond exchange and rescheduling of debts to external banks and suppliers will depend on high participation rates to secure financing assurances for the Fund-supported program. Successful completion of these private debt restructurings is also necessary to fulfill the country’s commitment to seek comparable treatment from private creditors in line with the requirements of the Paris Club’s 2004 rescheduling, as well as a precondition for additional Paris Club debt relief in 2005-06.”<\/p>\n
See http:\/\/www.imf.org\/external\/np\/sec\/pr\/2005\/pr0589.htm<\/p>\n","protected":false},"excerpt":{"rendered":"
The International Monetary Fund reports on recent actions taken by the Dominican economic authorities to restructure debt and re-establish macro-economic and financial stability. In a letter about the Dominican Republic to members of the financial community dated 20 April, Rodrigo de Rato, managing director of the IMF stated that key elements of the program include … <\/p>\n