Smaller
Bigger
Close Gallery
Santo Domingo.- An stand-by or precautionary agreement with the International Monetary Fund (IMF) threatens to ruin President Danilo Medina’s first year, undermining his social policies’ chances for success, for whch it’s best to avert it during this period.
The statement is by the economist Ruddy Santana, the country's permanent representative to the IMF from 2004 to 2008. He said what’s best is to start a post-program monitoring.
He what’s preferable is a fiscal consolidation which doesn’t endanger Medina’s redistributive policies. He said in that manner the country wouldn’t face difficulties in obtaining letters from the Fund pursuant to the surmounting the obstacles which in his view represent the loans from World Bank (WB) and the Inter-American Development Bank (IDB).
Santana said if a sudden external shock is generated which jeopardizes the repayment of foreign debt, such as a new U.S. recession, the implosion of the euro or the abnormal rise in oil prices, an agreement with the Fund could be forged in no time, and that resulting from the 2008 crisis, the IMF restructured its facilities in 2009, significantly speeding up its response to the application of agreements from its members.
Facebook
Digg this
del.icio.us
Technorati
Yahoo
It was ruined when he kept more than 70% of Lie-onel's corrupt ganster cabinet and gave Vincho not one but TWO Jobs!
On DT alone his approval rating has already dropped to 31%
Why be critical of Vincho?
After all as the drug czar under LF he did a great job, didn't he?
Look how drugs are now a basic part of life everywhere in the country.
Outstanding jb!
1) Deep Recession in EEUU --BullFeces it'd be new as it's been ongoing since 2008; calling it Depression is more appropirate.
2) Implosion of the Euro.
3) Abnormal rise in fossil fuels.
These shocks should be seen as opportunities for vassal states at the edge of empire to start reclaiming their autonomy + the use of their patrimony to benefit their own rather than leaving at hands of foreign exploiters.
Instead, Ruddy Santana --like a well-trained servile rat-- claims this "could jeopardize repayment of foreign debt." Repayment by whom? Of vassal statest to empire is what he alludes of course.
Only a rat at the syphoning-of-wealth tool called the IMF could possibly use it to threaten vassal states like the DR into even more debt right about now.
Medina would be a fool not to let these shocks develop before deciding the terms of any further indenture.