NEW YORK.- President Leonel Fernandez said Thursday the Government will sign an agreement with the International Monetary Fund (IMF) in less than three weeks, to finance budgetary problems resulting from the global crisis’ impact on tax revenue.

The chief executive affirmed that the signature of a letter of intent with international organism doesn’t have the implication of the past, when the funds were used to finance problems of balance of payments. “They aren’t agreements of structural adjustment to solve problems of balance of payment."

The Head of State, interviewed by journalists of international agencies, said although the Government still doesn’t have the pact’s details, his economic team will study to make the correct decision, for his country’s economy can be invigorated between this year end  and the next.

Fernandez affirmed that resulting from the global financial crisis, exports and imports slumped, as well as local trade, leading to a deficit in tax revenues. He clarified that it’s not a fiscal deficit, rather a lull due to a fall in collections, for which the Government’s planned external financing covers the breach. “In principle we’re with the International Monetary Fund, which allows us greater credibility in international financial markets and would allow the Dominican Republic to issue bonds at an interest rate suited to the country’s intentions."

He cautioned however that his economic team will carefully evaluate if it’s convenient to issue bonds, since the terms of the agreement have yet to be disclosed.

Fernandez will return to his country on Sunday, after taking part in the UN’s 64th General Assembly.