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Santo Domingo. - The Government will receive US$380 million from the international entities once the International Monetary Fund (IMF) mulls the Letter of intent on the seventh revision of the Standby agreement signed in 2009.

The IMF is expected to analyze the document on Friday, according to Dominican authorities.  

Of those funds US$170 million will be from the IMF as part of the US$510 million which the country should receive during the rest of the year, while US$210 million more are from the World Bank and the Inter-American Development Bank (IDB). All those funds are consigned in the national Budget.

Other financing

The IDB will provide the country a total of US$360 million in credits this year, said its president Luis Alberto Moreno in a National Palace press conference, where he stressed that they’ve made positive flows towards Dominican Republic. He added that the amount of money provided for the country is much higher than Dominican Republic’s payments to the IDB.

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COMMENTS
4 comment(s)
Written by: RoyStone, 13 Oct 2011 10:05 AM
From: Australia
Deeper in debt before going under completely?
Written by: Atabey, 13 Oct 2011 10:29 AM
From: United States, NYC
Without these instruments of financing the economic projections would grind into negative territory. Small nations like the DR with their historical record of poor economic management need these organizational underpinnings until they master and put their house, if ever, in order. Remember Spain, Greece, Portugal, Ireland, among others BEFORE the 1950s? Hopefully, good macroeconomic stability and more economic openness continues as DR requires many more years of foreign and domestic investment flows to assure success for the development model.
Written by: Ricardolito, 13 Oct 2011 11:27 AM
From: Dominican Republic, calle A.Portes
Roy Stone ...not really because our ability to pay has grown more and so our percentage of sovereign debt as to GDP has fallen . The main problem is that maybe the money will not be used for much needed capital projects but simply for paying the increased government costs as indicated in the huge increase in the budget for the Presidents office.
Written by: RoyStone, 17 Oct 2011 5:12 PM
From: Australia
Ricardolito,
Yes Leo has been traveling the world a lot lately, and I believe he has a huge enterage.
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