Press Release No. 03/205

Press Release: Statement of the IMF Mission to the Dominican Republic

November 26, 2003

The following statement was issued today in Santo Domingo by Marcelo Figuerola, the International Monetary Fund's (IMF) mission chief to the Dominican Republic, at the conclusion of a round of discussions with authorities as part of the first review of the country's Stand-By Arrangement with the IMF:

"In discussion with the Dominican authorities in the past 10 days, we have made important progress in identifying policy options in key areas that would help strengthen the economic situation in the country. These include measures to check the rise in the fiscal deficit and public debt, relieve power shortages, strengthen confidence in the banking system, and ensure adequate external financing at this difficult time.

"The discussions will continue in early December, after the authorities have had an opportunity to consider the identified policy options in the context of the 2004 budget, which is to be presented to congress shortly. The authorities also aim to hold further discussions with other agencies supporting the country, including the World Bank and the Inter-American Development Bank," Mr. Figuerola stated.