Solid Dominican Economy Allows it to  Deal With World Crisis

Dominican economyAccording to the International Monetary Fund

The International Monetary Fund (IMF) said that the Dominican economy possesses solid fundamentals that have permitted it to deal with certain satisfactory results the economic and financial turbulences of international origin.

The IMF expects that for the second half of the year it growth will accelerate and close at between 4% and 5%.

Mario Dehesa-Davila, the resident representative of the IMF in the country, said that the agency expect that for the second have the economy continues expanding to a rhythm similar to its medium and long term potential.

He referred to the fact that the Dominican economy slowed it growth in the first half of 2011 as it expanded at 4%, but this slowdown with respect to 2010 is understandable given the hit by the prices of raw materials and a less than expected growth in the economy of the United States in the beginning of the year.

Dehesa-Davila answered a questionnaire submitted by the Diario Libre last 26 August. He answered four days later, last 30 August.
The International Monetary Fund executive reported that since Monday a mission headed by Alejandro Santos, who is chief of mission, and Teresa Daban, Franchesco Grigoli, Jesus Gonzalez Garcia, Lynge Nielse, Priscile Muthoora and Mario Dehesa is in the country.

The mission is holding conversations with the authorities and going over the seventh review of the agreement, they will be here for two weeks and will meet with the authorities of the economic team and the electric sector as well as the Central Bank and the Ministers of Hacienda, Economy, Industry and Commerce and the Dominican Corporation of State-owned Electricity Enterprises (CDEEE).

Dehesa-Davila reported that one of the purpose of the IMF mission that is in the country is to evaluate the compliance with the goals of last June and the perspectives of fulfilling them for the rest of the year, which he said will be fundamental for the evaluation of the seventh revision of the agreement.

He said that the goals that were not met in March of this year are public information that are in the letter of Intention of the fifth and sixth reviews and although the majority were fulfilled there were small deviations in the fiscal goals due to the imbalances in the electric sector, although the goal of not accumulating arrears with the generators was corrected later.

He added that the electric sector has carried out actions that tend to help it achieve sustainability throughout the program of the authorities supported by the IMF. These actions include the increase in the electricity rates, measures to increase the collections and prevent the stealing of electricity and changes in the administrations of the various Edes.

Dominican Republic Live, 02.09.11, 11.30am

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