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

November 13, 2007

Press Release No. 07/255

A staff team from the International Monetary Fund, headed by Mr. Andrew Wolfe, visited Santo Domingo November 1-9. The purpose of this visit was to initiate the 8th and final review of the Stand-By Arrangement with the Dominican Republic and the Article IV consultation, a periodic discussion of economic policies and the medium-term macroeconomic outlook.

The team conducted a series of meetings with senior government officials to discuss the macroeconomic situation. Economic growth remains strong, inflation is under control, and the financial system has been strengthened. Nonetheless, the conduct of macroeconomic policies has become more complicated in the context of rising oil prices, more uncertainty in the prospects for world economic growth, and the reconstruction needs after the tropical storm Noel.

The authorities also provided extensive documentation on the contract with SunLand, and the IMF staff is reviewing this information.

The staff of the IMF and the Dominican authorities aim to conclude the review of the Stand-By Arrangement and the Article IV consultation at the earliest possible opportunity.


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