Press Release No. 08/195

Press Release: IMF Executive Board Decides Dominican Republic Expected to Engage in Post-Program Monitoring

August 28, 2008

The Executive Board of the International Monetary Fund has decided that the Dominican Republic is expected to engage in post-program monitoring with the Fund, following the completion of the three-year Stand-By Arrangement for SDR 437.8 million (about US$688.6 million) in January. The Board's decision was adopted on a lapse of time basis on Friday, August 22.

At the time of expiration of the arrangement, the authorities had not decided whether they would seek a new arrangement with the Fund. As of late August, the Dominican Republic's outstanding credit to the Fund was SDR 350.2 million (about US$550.8 million; more than 100 percent of quota). In such instances, it is expected that the Fund member will engage in post-program monitoring, and the authorities have expressed their willingness to do so.