Santo Domingo.- The International Monetary Fund (IMF) yesterday approved the letter of intent corresponding to the first revision of the Stand By Agreement, for 79.27 million, of its reserve assets Special Drawing Right (SDR), equal to US$120 million, which the government will receive this month.
Of that amount US$25 million will be destined for the Government’s budgetary support and US$54.27 million to bolster the Central Bank’s international reserves.
Throughout 2010 the IMF is expected to disburse a total of 347.25 million DEG, or around US$526.02 million, of which US$151.48 million will be for the Government and US$374.54 million for the Central Bank.
The approval of the first revision in the Stand By Agreement with the IMF paves the way for the Government to resort to the international markets to place bonds contained in the 2010 Budget, with fresh funds injected to help maintain macroeconomic stability, characterized by low inflation, recovery of growth and a relatively stable exchange rate.
Economic Growth
Yesterday Central Banker Héctor Valdez Albizu announced that the economy grew approximately 6% in the first two months and feels very optimistic because "we’re again boarding the train of growth with stability."
He said growth projections may surpass 6% this year and noted that the figure is evidenced by the fact that all economists have agreed that the economy is overheated.
Written by: josean, 8 Apr 2010 8:05 AM
From: United States, Show your Love for DR Vote AGAINST the PLD!
We will continue to borrow into oblivion!
Y No Era Y que Pa'Lante Que Ibamos?
From: United States
Biggest political BS ever stated.
Keep borrowing and you will never stand on your own 2 feet.
Hugo Chavez now has his foot in the door and the DR will eventually become like Venezuela and Cuba.
Good luck you will need it.
Written by: BASTA, 8 Apr 2010 9:31 AM
From: Dominican Republic, =Ghetto/Legalize Drugs
Naw we do not have to pay anything back!
From: United States
Dominican Republic's External Debt is $10,210 (in millions)
That is $1,147 USD per capita or approx. 16.5% of GDP. As of 12/31/2007.
source: Wikipedia
You keep chipping away at that GDP Mr. President...
besides, i think BUSTA is right, countries never pay back, therefore all third world countries at at the expense of the super powers -- aka on welfare -- what a shame!
Written by: Atabey, 8 Apr 2010 4:16 PM
From: United States, NYC
Time for some historical prospective.
Practically all nations undergoing modernization and development posts years and, indeed, decades worth of debts. For example, the USA was during the late 19th century a debtor nation, with large sums of capital coming from Europe, mainly England, The Netherlands, and other nations. The real concerns when looking at debt are: where is the debt going towards? Capital and productive improvements? Or are the debts being accumulated for non-productive use? Are the debts being used to support future export growth? And, of course, what are the risk inherent in taking the debts? Are these risk reasonable and balanced?
Unfortunately for our DR the Balaguer leadership missed the boat in 1966 and is now playing catch-up. The export platforms that should have come on line in the late 60's and early 70s never did, and belatedly did export promotion become accepted as a critical pillar of national economic discourse.
Written by: Atabey, 8 Apr 2010 6:12 PM
From: United States, NYC
And Jim,
Check out the Mega Energy Project with Colombia. This project is partly meant to derail Chavez' attempt to dictate energy terms in the region. It also gives Colombia an energy export platform to solidify her economy since Chavez has moved billions of dollars of business from Colombia to Bolivia, Ecuador and other worthier clients. If enough nations sign on in Central America and the Caribbean, the pipeline may have legs after all. Colombia has lots of untapped energy capacity in coal, rivers, and gas. Looks like a win-win situation all around. Haiti and DR get a reliable source of energy, even Puerto Rico may get connected, and all the small nations of central America. And when Venezuela gets a serious government, her vast energy capacity will be liked to the network.
Written by: josean, 8 Apr 2010 10:40 PM
From: United States, Show your Love for DR Vote AGAINST the PLD!
Interesting how a Pie in the Sky Proposal becomes a PROJECT!
Written by: Atabey, 8 Apr 2010 11:50 PM
From: United States, NYC
Why don't you do some reading. I posted a declassified article from the CIA circa 1991. You shouldn't have any difficulty reading it since its riddled with spelling errors.
Written by: josean, 9 Apr 2010 6:46 AM
From: United States, Show your Love for DR Vote AGAINST the PLD!
It seems the career at the forum didn't pan out so now they have decided to serve the KOOL-AID in the cheap seats section!
Written by: Atabey, 9 Apr 2010 10:18 AM
From: United States, NYC
I still prefer the "box seats" but this is part of DT and not your own private concern, no? Just argue the points with merit instead of dishing out half-panned nonsense. As I've stated to you before corruption and malfeasance are to be noted and condemned but the growing knowledge on the subject points to a complex picture of its role in the development and modernization of nations. South Korea, Brazil, China, India, etc., all have engineered vast economic modernizations with vast corruption and malfeasance. So again, those lovely words you like to hear at night before going to bed, the issues are far from being black or white, but a grayish tinge is what we have going on, and we do well to adhere to its subtlety in treating the subject. LF will be considered in the annals of Dominican history as a good president.
Written by: josean, 9 Apr 2010 12:38 PM
From: United States, Show your Love for DR Vote AGAINST the PLD!
"dishing out half-panned nonsense'
What a compulsion to respond to "half-panned nonsense!'"
Although, you do have a soft spot for every “half-panned nonsense pie in the sky idea” that comes along, like JUMPER CABLES from Columbia!
Your right about one thing, LIE-onel Fernandez will be in the ANAL of Dominican History, Lie-onelita!
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Y No Era Y que Pa'Lante Que Ibamos?
Keep borrowing and you will never stand on your own 2 feet.
Hugo Chavez now has his foot in the door and the DR will eventually become like Venezuela and Cuba.
Good luck you will need it.
That is $1,147 USD per capita or approx. 16.5% of GDP. As of 12/31/2007.
source: Wikipedia
You keep chipping away at that GDP Mr. President...
besides, i think BUSTA is right, countries never pay back, therefore all third world countries at at the expense of the super powers -- aka on welfare -- what a shame!
Practically all nations undergoing modernization and development posts years and, indeed, decades worth of debts. For example, the USA was during the late 19th century a debtor nation, with large sums of capital coming from Europe, mainly England, The Netherlands, and other nations. The real concerns when looking at debt are: where is the debt going towards? Capital and productive improvements? Or are the debts being accumulated for non-productive use? Are the debts being used to support future export growth? And, of course, what are the risk inherent in taking the debts? Are these risk reasonable and balanced?
Unfortunately for our DR the Balaguer leadership missed the boat in 1966 and is now playing catch-up. The export platforms that should have come on line in the late 60's and early 70s never did, and belatedly did export promotion become accepted as a critical pillar of national economic discourse.
Check out the Mega Energy Project with Colombia. This project is partly meant to derail Chavez' attempt to dictate energy terms in the region. It also gives Colombia an energy export platform to solidify her economy since Chavez has moved billions of dollars of business from Colombia to Bolivia, Ecuador and other worthier clients. If enough nations sign on in Central America and the Caribbean, the pipeline may have legs after all. Colombia has lots of untapped energy capacity in coal, rivers, and gas. Looks like a win-win situation all around. Haiti and DR get a reliable source of energy, even Puerto Rico may get connected, and all the small nations of central America. And when Venezuela gets a serious government, her vast energy capacity will be liked to the network.
Interesting how a Pie in the Sky Proposal becomes a PROJECT!
It seems the career at the forum didn't pan out so now they have decided to serve the KOOL-AID in the cheap seats section!
"dishing out half-panned nonsense'
What a compulsion to respond to "half-panned nonsense!'"
Although, you do have a soft spot for every “half-panned nonsense pie in the sky idea” that comes along, like JUMPER CABLES from Columbia!
Your right about one thing, LIE-onel Fernandez will be in the ANAL of Dominican History, Lie-onelita!