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IMF Approves $1.7 Bln Loan To Dominican Republic 91 days ago
(RTTNews) - Monday, the International Monetary Fund announced that its board of directors had approved a $1.7 billion loan to the Dominican Republic to assist the government's reform efforts towards returning the economy to a sustainable growth path.
The government has undertaken renewed efforts to establish a stable macroeconomic environment in the nation through the implementation of short-term countercyclical policies, while establishing conditions for robust, sustainable growth. Successful implementation of this program will unlock significant financing from other multilateral sources, creating space for an adequate fiscal response, the IMF said.
"Following several years of rapid growth, the Dominican economy has weakened significantly due to the global economic recession," said IMF Deputy Managing Director & Acting Chair Murilo Portugal. "The financial system has weathered the recent global crisis relatively well, as a result of reforms undertaken after the 2003 financial crisis. The lack of adequate financing however, constrained the conduct of countercyclical fiscal policy."
Proposed reforms include addressing deficiencies in the revenue administration, tackling structural issues in the electricity sector, and strengthening social safety nets.
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