The meeting held in the National Palace.
SANTO DOMINGO.- As soon as president Leonel Fernandez begins his third term in office August 16 Dominican Republic will sign a "monitoring agreement" with the International Monetary Fund (IMF). The pact doesn’t imply the contributions of funds, structural revision of quantitative goals nor the conditionalities of a Stand-By agreement.
The information was provided after yesterday’s meeting of more than three hours between president Leonel Fernandez, IMF assistant director Murilo Portugal and the Government’s Economic Team. From now on the government will submit the country’s economic, monetary and fiscal policy program to the international financial organism, twice a year, for monitoring.
Economic Team chief Temístocles Montas said the new plan will allow "keeping a close relationship with the Internacional Monetary Fund."
Also reviewed during the meeting was the international situation sparked by price increases in oil and foods.
The IMF representative said the external panorama is "not an easy situation" and to manage it recommended that the authorities maintain the macroeconomic stability, confront inflation and to conduct a fiscal revision which allows to maintain strong, sustainable forms ofgrowth in the Dominican economy.
Portugal said there is a need to think about how the negative impact the wave of increases in the price of fuels and raw materials used in food processing is going to affect the poorest citizens.
Interviewed after the meeting in the National Palace, Portugal cautioned that while "for the most advanced countries i’is only a problem as far as inflación," for nations such as the Dominican Republic it’s also "a problem of balance of payments, that if it’s not handled well, can also be an important social problem."
He said it’s important to take on the topic of the crisis in several dimensions, although he’s confident the government is "very aware of all the aspects.”
The official said thanks to the public policies implemented in the last three years, "Dominican Republic is strong to face these winds that now blow from the international economy."
From: Cuba, it is a secret the censors are looking for me
"You will do as you are told and you will like it Mr President "
From: Cuba, it is a secret the censors are looking for me
I suppose this is what they call a working lunch with all that cutlery on the table......You can be sure they did not serve" the bandera "
Written by: juanb, 25 Jun 2008 9:07 AM
From: Dominican Republic
Seems to me that the only protection we have against the wasteful spending by our government is to have the IMF, or some one like this group, watch over it. Obviously, the government is not capable of doing it themselves.The IMF at least calls into question some of the ridiculous ideas of our leaders.
From: Dominican Republic, Puerto Plata
That could be the first step towards constant monitoring of spending by independent ..and foreign concerns.
Let's imagine that every government disbursement were to be approved by external auditors before the check is written, and after confirmation the payment is legit, that would be a major blow to corruption.
Could be costly, but a far cry from the current system with the Camara de cuentas!
That condition should be built into any future IMF or similar future agreement.
Let's tighten up the leash a bit.
From: Cuba, it is a secret the censors are looking for me
Juan you are correct ...if hippo had listened we would not have had to dig ourselves out of the last pile of caca
Written by: Belial, 25 Jun 2008 10:06 AM
From: United States, Texas
Typically, the relationship between the IMF and poor countries evolves from creditor-debtor, to full partnership, and, finally, to the sole proprietorship of the IMF. Corresponding to each of the three steps is a jump is the amount of the GDP or national income that goes to pay the imperialist debt.
At the creditor-debtor stage, somewhere between 5% and 20% often goes to pay the imperialist debt.
At the full partnership stage, about 20% to 50% goes to the imperialist debt.
Finally, at the supreme stage of imperialist sole proprietorship, a whopping 50% to 80% of GDP goes to these vicious parasites, in diverse forms as interest, dividends, executive salaries, "expert" fees. A country ... even a prosperous one ... can only pay a foreign debt at this rate and pace if it depresses the standard of living of the vast majority of the people to an extreme degree, thus, exciting malicious joy in the savages at the IMF and unbearable agony for the impoverished.
Written by: Belial, 25 Jun 2008 10:07 AM
From: United States, Texas
During the middle stage of full partnership, the IMF institutes a program of comprehensive economic surveillance of the debtor country. Every facet of the economic activity in the country is "monitored" The poor country must strip naked before the IMF partner, but the IMF keeps its clothes on as it watches. The IMF can even punish a so-called sovereign country if it fails to disclose material facts about the economy.
At the supreme stage of plunder, the IMF sole proprietorship, IMF simply types up a law it wants enforced in the poor country and hands the "proposed" law to the president of the once sovereign country or the IMF hands it to some legislative committee with the message "Pass this."
From: Cuba, it is a secret the censors are looking for me
Blah Blah Blah his Royal Anus King Wanker of Wiki has spewed and vomited his latest cut and paste or whatever he only pines for nutty hugo and fidelito .....but his real thoughts are much less much less
Written by: Belial, 25 Jun 2008 10:13 AM
From: United States, Texas
The IMF is going around trying to "monitor" all poor countries.
If anything needs "monitoring," it's the IMF.
To pillage the people of poor countries, IMF demands and commands these countries to close schools for the workers and poor, shut hospitals for the poor, cancel low-income housing projects, abolish food subsidies, renege on pensions obligations owed to workers, cut wages, slash all kinds of social security programs and give away state-owned companies to an incompetent, corrupt, and ravenous bourgeoisie, both foreign or domestic, in the so-called private sector.
The "savings" from these draconian measures go chiefly to pay the imperialist debt which the IMF, World Bank, the Paris Club, and several regional financial institutions manage.
Written by: Belial, 25 Jun 2008 10:14 AM
From: United States, Texas
imf imperialism is the highest stage of moral decomposition.
From: Cuba, it is a secret the censors are looking for me
pleeeeeeez stop the insanity
Written by: Belial, 25 Jun 2008 10:20 AM
From: United States, Texas
pleeeeeeez stop the insanity
oooo
GC, return to your cell before your medication gets warm.
Written by: Belial, 25 Jun 2008 10:54 AM
From: United States, Texas
GC, listen to me. This is important.
If you let your medication get warm, don't take it.
It will make you crazier than you already are, although that seems impossible.
Ask your doctor for another dose.
Be sure to return the warm dose so that the doctor knows he doesn't over-prescribe.
From: Cuba, it is a secret the censors are looking for me
I want to be over medicated " and the nurse keeps steppin on my medication " William S Burroughs in Drugstore Cowboy
From: United States
unfortunately, like it or not, Belial is right. as i stated before, the financial institutions have no interest in making right the conditions within a borrower country. they are solely interested in recouping their principal and interest in a timely fashion. if the original prescriptions, such as currency liberalisation, do not work satisfactorily, they proceed with more draconian measures, such as privatisation of public assets, and removal of subsidies on basic staples. they are not here to play games; this is business here!!
From: United States
A continuation of slavery and to place a heavier load on the most needed but who cares this is democracy is all about. The D.R. will not be free to decide its fate cause it will be monitored accordingly to IMF proceedures, but hey , thats O'K , dominicans are stupid and the IMF works for their benefits not the benefits of the IMF. That baby that was just borned is not your baby it belongs to the IMF.
Written by: Belial, 25 Jun 2008 8:27 PM
From: United States, Texas
The IMF is about more than money.
It's also about power; it's about the exclusive right to exercise supreme power over a people and territory or, in other words, sovereignty.
The IMF wants to be the state that runs the debtor country, but as the power behind the throne. Let the locals have the titles of office as long as they do what the IMF tells them.
Written by: Belial, 25 Jun 2008 9:42 PM
From: United States, Texas
http://www.plenglish.com/article.asp?ID={4DB984A2-7B53-49B1-ABCB-5BC7E6804644})&language=EN
Santo Domingo, Jun 25 (Prensa Latina) Dominican Industry and Commerce Minister Melanio Paredes predicted Wednesday the breakdown of the current US-led economic paradigm.
The falling dollar, the mortgage crisis, and oil speculation were among causes cited by the Dominican official to underpin his opinion.
"We are not suggesting a revolution," said Paredes, who admitted that every week he has to go to Pres. Leonel Fernandez "for confession" to consult on fuel prices.
He added that it is "impossible to continue" under the current economic philosophy, referring to the impact of soaring prices of basic goods on this country and on other countries in similar conditions. [I believe this is his key point.]
He mentioned a recent study which found 70 percent of the oil futures market is in the hands of US speculators.
oooo
He's right. It's "impossible to continue."
From: Cuba, it is a secret the censors are looking for me
the giggling moron thinks he smells revolution in the air....but as usual he is wrong...it is his kind of raw sewage that thinks from the chaos he will have a bigger piece of the pie......the Uber racist commie stooge thinks he will use his Uriah Heap obsequious manner to gain favour with the new leadership so that he will no longer have to collect food stamps and welfare payments.....he is wrong he will still be cleaning up after the elephants...no matter what happens
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Let's imagine that every government disbursement were to be approved by external auditors before the check is written, and after confirmation the payment is legit, that would be a major blow to corruption.
Could be costly, but a far cry from the current system with the Camara de cuentas!
That condition should be built into any future IMF or similar future agreement.
Let's tighten up the leash a bit.
At the creditor-debtor stage, somewhere between 5% and 20% often goes to pay the imperialist debt.
At the full partnership stage, about 20% to 50% goes to the imperialist debt.
Finally, at the supreme stage of imperialist sole proprietorship, a whopping 50% to 80% of GDP goes to these vicious parasites, in diverse forms as interest, dividends, executive salaries, "expert" fees. A country ... even a prosperous one ... can only pay a foreign debt at this rate and pace if it depresses the standard of living of the vast majority of the people to an extreme degree, thus, exciting malicious joy in the savages at the IMF and unbearable agony for the impoverished.
At the supreme stage of plunder, the IMF sole proprietorship, IMF simply types up a law it wants enforced in the poor country and hands the "proposed" law to the president of the once sovereign country or the IMF hands it to some legislative committee with the message "Pass this."
If anything needs "monitoring," it's the IMF.
To pillage the people of poor countries, IMF demands and commands these countries to close schools for the workers and poor, shut hospitals for the poor, cancel low-income housing projects, abolish food subsidies, renege on pensions obligations owed to workers, cut wages, slash all kinds of social security programs and give away state-owned companies to an incompetent, corrupt, and ravenous bourgeoisie, both foreign or domestic, in the so-called private sector.
The "savings" from these draconian measures go chiefly to pay the imperialist debt which the IMF, World Bank, the Paris Club, and several regional financial institutions manage.
oooo
GC, return to your cell before your medication gets warm.
If you let your medication get warm, don't take it.
It will make you crazier than you already are, although that seems impossible.
Ask your doctor for another dose.
Be sure to return the warm dose so that the doctor knows he doesn't over-prescribe.
It's also about power; it's about the exclusive right to exercise supreme power over a people and territory or, in other words, sovereignty.
The IMF wants to be the state that runs the debtor country, but as the power behind the throne. Let the locals have the titles of office as long as they do what the IMF tells them.
http://www.plenglish.com/article.asp?ID={4DB984A2-7B53-49B1-ABCB-5BC7E6804644})&language=EN
Santo Domingo, Jun 25 (Prensa Latina) Dominican Industry and Commerce Minister Melanio Paredes predicted Wednesday the breakdown of the current US-led economic paradigm.
The falling dollar, the mortgage crisis, and oil speculation were among causes cited by the Dominican official to underpin his opinion.
"We are not suggesting a revolution," said Paredes, who admitted that every week he has to go to Pres. Leonel Fernandez "for confession" to consult on fuel prices.
He added that it is "impossible to continue" under the current economic philosophy, referring to the impact of soaring prices of basic goods on this country and on other countries in similar conditions. [I believe this is his key point.]
He mentioned a recent study which found 70 percent of the oil futures market is in the hands of US speculators.
oooo
He's right. It's "impossible to continue."