After Standby pact revision, the IMF approves US$122M payout

Dominicantoday.com, Santo Domingo , 31st January 2008

The IMF's executive directory yesterday concluded the eighth and last revision of the country's economic performance within the 36-month Stand-By Agreement, and approved a disbursement of around US$122 million, as completive of the total amount available.

In a press conference, the Government's economic team also said it expects to have a specific response next week on local demands that a new agreement be signed, although discarded that possibility, alleging that it's not practical for the IMF to become involved in new agreements in electoral periods.

Central banker Héctor Valdez Albizu said IMF studies indicate that the external current account deficit, though expanded, adheres to macroeconomic foundations and in keeping with the economic activity.

He said the rate exchange formula is appropriate and that the external competitiveness indicators show that the rate is balanced.

Valdez said the IMF approved the waivers requested in the letter of intent related to the non-financial budget surplus for 2008, because of the storms Noel and Olga.