Santo Domingo.- The Dominican Republic
will open formal talks with the International Monetary Fund
this week aimed at securing $1.5 billion in new assistance from
the multinational lender.
A possible standby agreement with the IMF, the Caribbean
nation's first in more than 2-1/2 years, was announced by the
central bank after Finance Minister Vicente
Bengoa kicked off preliminary talks with IMF officials in
Washington on Friday.
Like other Caribbean island states, the Dominican Republic
has been hard hit by the global financial crisis, weak export
earnings and remittances and recent declines in tourism.
After signing a letter of intent with the IMF, the terms of
which could be agreed upon as early as this week, the
government would receive an initial IMF credit totaling about
$300 million to help cover a deficit in its budget for this
year, the central bank said in a statement.
It said the government was also seeking about $200 million
in new lending from the Inter-American Development Bank to help
cover budget shortfalls. To meet additional financing needs, the central bank said
the government was considering a new sovereign debt issue
totaling $1 billion.
Written by: oupala07 
, 31 Aug 2009 5:47 AM
From: Canada
IMF to transfer US$275M to Dominican Republic
"With the new resources, the gross international reserves will surpass US$2.7 billion and the liquid reserves will be more than US$1.5 billion," stated the report, which highlighted that the transfer does not increase the foreign debt of the Dominican Republic, "because it is not an international loan, but a contribution of capital".
Here is what they said on August 28 09, and now they say totally something else. It wasn't a loan, now it is a loan, can someone help me understand the controversy?
From: United States
The ability and the honesty of Teflon Fernandez to give a straight answer will never come.
He is a master at lieing with a straight face.
You also forgot to mention the debt to Spain for the Metro and the CDE debt of over 1 billion dollars to the electric generators that will never get paid,.
Am I wrong or didn't Teflon Fernandez say that the DR is immune to the external monetary crisis!!!!
From: United States
I fully explained it was a loan yet some of the typical crybabies around here said it was free money. When do people finally understand they don't give money away for nothing. Also when do you people stop believing everything the DR government tells you since 99% is found out to be lies.
Written by: pelaut, 31 Aug 2009 10:14 AM
From: United States
B-b-b-but Bengoa and LF said we wouldn't need and didn't want and IMF oversight or anything else -- or was that before they COULD.
Easy to turn 'em down when they've turned you down already. Q: why would the IMF want to underwrite the DR for a penny? What made 'em change their mind? Who gets the kickback?
Written by: mrios, 31 Aug 2009 12:25 PM
From: United States
VeronicaDR,
I agree with you 100%.
Nothing is FREE, I wonder what is the real under "The table deal" sounds like back scratching too me.
From: United States, NY/NJ
These are nails that are sealing the DR's coffin, 6-8 years from now DR will be in a severe depression-like state. If you think what we are experiencing now is bad, just wait and see until the IMF & IATB are done with us.
From: Botswana, La reconnaissance est une lachete'
Yes my Friends,everything looks beautiful on that side of the island,hell when I'm over there I feel like I'm in miami. Shit you guys even got the metro great bragging rights, nobody wants to be an island anymore,everybody wants to be first world. Here is some food for thought can your tax base pay for all these loans for these major developments,do you really need the metro and the highways, or are they just beautiful ropes given to you by the economic hitman just to slowly hang your selves. How much of each dollar earn by you government will have to go to service theses debt instead of education, health care,and so on. But your politician will always make sure you have the poor haitian migrant to blame for not being able to get your piece of the pie. My friends keep on beating your chess,but what you fail to realize is that you are just the latest pawn in this globalization game, and this is a die hard capitalist talking. If you think shit is bad now, wait until the demands.
From: Botswana, La reconnaissance est une lachete'
When your government cannot keep up with the payments and its restructuring time.
Written by: mrios, 31 Aug 2009 2:19 PM
From: United States
Mr. Diamond,
Botswana sounds to me like it's some where in Africa, are you on Vacation, Business or visiting Family ?
No one beats His chest in the DR or swings on a vine like Tarzan, that's only in the Movies remember.
Haitians cross the border illegally into the DR in search of a better way of life for them selves and Families. Who can blame them.
Very few Dominicans brag about the Metro anyway.
Besides the idea of living on a Island sounds O.K with me.
Just ask yourself why can't the other part of the Island be more like the DR ? maybe you should put that Question of blame on the Haitian Gov.
I'm Dominican and I'm not for this IMF crap with strings attached either.
Written by: juanb, 31 Aug 2009 4:43 PM
From: Dominican Republic
The strings ( regulation of the gov'ts wasteful spending) is our only hope.
Written by: mrios, 31 Aug 2009 7:11 PM
From: United States
I must be missing something here, sad to think our only hope would be the strings attached, and still ask for more, receive more and waste more when will it end ?
Where's the accountability ?
Where's does the money waste trail end ?
Reminds me of the saying...."Give a Man enough rope and he'll hang himself" & "Blind leading the Blind".
Good thing "God save the DR" with no MONEY or strings attached.
From: United States, Fresh Water Paradise-NY Finger Lakes
This is just like having a credit card and using that instrument to acquire all of the material goods you just can not afford. Eventually, the day of reckoning arrives, and it will arrive, then all hell breaks loose and insolvency and despair become reality.
Dominicans, wake up and demand hard answers to your questions, for the day of financial reckoning shall soon arrive. Heck, look at USA, a society totally "consumed by consumption". It probably never realized what hit it. DR not exempt, for there are many who lacking adequate reserves to buy basic foodstuff and toilet paper choose instead to buy yipetas-at usurious interest rates of ~30% or higher! Go figure!.
Written by: mrios, 31 Aug 2009 9:52 PM
From: United States
WOW !
Sounds a little like OH'BLAMANOMICS Dominican style.....Bankrupt then seize TOTAL CONTROL.
Oh'Blama, Castro, Chavez, LF, Ortega, Zeyvala etc..etc..
Huh ! Could it be the Western Hemisphere version of the N W O at work ?
God save us ALL from the Blaa Blaa %$#@&%*
From: United States, New York
"Where does the money waste trail end?"
In a country that ends up being invaded by foreign superpowers because it cannot pay what it owes them (under the disguise of counter-terror, counter-drugs, or human rights operations of course). They seize everything, do not spend wastefully and low and behold they get to add proceeds from tourism and commodities to their coffers as well as another strategic position in the atlantic. Sounds like a plan to me!
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"With the new resources, the gross international reserves will surpass US$2.7 billion and the liquid reserves will be more than US$1.5 billion," stated the report, which highlighted that the transfer does not increase the foreign debt of the Dominican Republic, "because it is not an international loan, but a contribution of capital".
Here is what they said on August 28 09, and now they say totally something else. It wasn't a loan, now it is a loan, can someone help me understand the controversy?
He is a master at lieing with a straight face.
You also forgot to mention the debt to Spain for the Metro and the CDE debt of over 1 billion dollars to the electric generators that will never get paid,.
Am I wrong or didn't Teflon Fernandez say that the DR is immune to the external monetary crisis!!!!
Easy to turn 'em down when they've turned you down already. Q: why would the IMF want to underwrite the DR for a penny? What made 'em change their mind? Who gets the kickback?
I agree with you 100%.
Nothing is FREE, I wonder what is the real under "The table deal" sounds like back scratching too me.
Botswana sounds to me like it's some where in Africa, are you on Vacation, Business or visiting Family ?
No one beats His chest in the DR or swings on a vine like Tarzan, that's only in the Movies remember.
Haitians cross the border illegally into the DR in search of a better way of life for them selves and Families. Who can blame them.
Very few Dominicans brag about the Metro anyway.
Besides the idea of living on a Island sounds O.K with me.
Just ask yourself why can't the other part of the Island be more like the DR ? maybe you should put that Question of blame on the Haitian Gov.
I'm Dominican and I'm not for this IMF crap with strings attached either.
Where's the accountability ?
Where's does the money waste trail end ?
Reminds me of the saying...."Give a Man enough rope and he'll hang himself" & "Blind leading the Blind".
Good thing "God save the DR" with no MONEY or strings attached.
Dominicans, wake up and demand hard answers to your questions, for the day of financial reckoning shall soon arrive. Heck, look at USA, a society totally "consumed by consumption". It probably never realized what hit it. DR not exempt, for there are many who lacking adequate reserves to buy basic foodstuff and toilet paper choose instead to buy yipetas-at usurious interest rates of ~30% or higher! Go figure!.
Sounds a little like OH'BLAMANOMICS Dominican style.....Bankrupt then seize TOTAL CONTROL.
Oh'Blama, Castro, Chavez, LF, Ortega, Zeyvala etc..etc..
Huh ! Could it be the Western Hemisphere version of the N W O at work ?
God save us ALL from the Blaa Blaa %$#@&%*
In a country that ends up being invaded by foreign superpowers because it cannot pay what it owes them (under the disguise of counter-terror, counter-drugs, or human rights operations of course). They seize everything, do not spend wastefully and low and behold they get to add proceeds from tourism and commodities to their coffers as well as another strategic position in the atlantic. Sounds like a plan to me!