Press Release: IMF Welcomes New Government's Commitment to Address Economic Challenges Facing the Dominican Republic

August 19, 2004

Mr. José Fajgenbaum, Acting Director of the IMF's Western Hemisphere Department, today welcomed the policy commitments outlined by Dr. Leonel Fernández on the occasion of his inauguration as the President of the Dominican Republic:

"The IMF is ready to work closely with the new economic team that took office this week. In fact, important and constructive technical collaboration between the team and IMF staff has been going on for some time already, and will continue.

"I had the privilege of meeting President Fernández earlier this year, and I know that he clearly understands the economic policy challenges facing his country. I believe President Fernández is determined to move ahead with institutional reforms and economic policies that will bring confidence, stability, and sustained economic growth back to the Dominican Republic. This was well reflected in the President's inaugural address this week. The fiscal measures he announced, complementing the tax reform now in congress, would provide much-needed resources to the government, helping to stabilize the public debt and allowing the government to protect critical social and investment expenditures. Reforms in other areas, including the banking and electricity sectors, and steps to improve governance, will be equally important. We look forward to holding further discussions with the new economic team shortly," said Mr. Fajgenbaum.


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