Economic performance, public investment management and climate agenda for the DR addressed
The Minister of Economy, Planning and Development, Pável Isa Contreras, met with the International Monetary Fund (IMF) mission visiting the country as part of the Article IV consultation corresponding to 2024, in a meeting in which the recent performance of the Dominican economy, the medium and long term perspectives, the management of public investment and progress in the climate agenda were discussed.
The Minister indicated that the Dominican economy would have a growth close to 5% by the end of 2024, in a context of export recovery and favorable financial conditions. However, he mentioned the external risks posed by the position of the US Federal Reserve and global financial conditions.
In a note, Isa Contreras also highlighted the good performance of the construction and tourism sectors, and acknowledged the challenges facing the country in the long term, such as the boost in educational quality through the improvement of programs aimed at both pre-university and technical-vocational education.
He also highlighted the important initiative to promote the transformation of productive sectors through the plan “Meta RD 2036”, which seeks to prioritize specific programs and projects that will give greater traction to the achievement of the National Development Strategy.
He also commented on the progress made to boost the semiconductor industry and the strategy to position the country as a key destination for this industry.
He specified that the country can benefit from what is known as “nearshoring”, that is, the relocation of industrial production to territories closer to the company’s headquarters, especially if the proximity of the Dominican Republic to the United States is taken into account.
He also mentioned that the country has made important advances in the area of logistics to achieve greater competitiveness and productivity.
The Minister of Economy also valued the relevance of the reforms on social protection and assistance and the impact they can have on poverty reduction and a greater participation of the female labor force.
The IMF mission chief, economist Emilio Fernández-Corugedo, recognized the important progress made by the Dominican Republic in governance and improvement of political perception, which is essential to strengthen the business climate and attract new investments.
Public investment and climate agenda
On public investment management, the Director General of Public Investment of the Ministry of Economy, Martín Francos, discussed the process of creating the National Infrastructure Plan, which will include climate risk objectives and the incorporation of public-private partnerships.
Regarding the climate agenda, the director of Disaster Risk Management and Climate Change of the Ministry of Economy, Mercedes Feliciano, indicated that work is currently underway on the Low Carbon and Climate Change Resilient Development Strategy, a long-term instrument.
She also mentioned the update of the Action Plan on Nationally Determined Contributions (NDC) 2022-2025.
The IMF visit began in the country on July 10, 2024, having its first approach with the governor of the Central Bank of the Dominican Republic (BCRD), Héctor Valdez Albizu.
IMF Mission
The International Monetary Fund mission is headed by its executive director, Afonso Bevilaqua, and mission chief Emilio Fernandez-Corugedo, Manuel Rosales Torres, Pamela Beatriz Madrid, Diego Calderon, Marco Barzanti and Ilya Stepanov.
Source:Diariolibre.com
