Dominican Republic: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Dominican Republic

IMF Staff Country Reports, May 7, 2020

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Dominican Republic: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Dominican Republic

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Bibliographic details

• Published: May 7, 2020
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781513543109.002

Purpose and context

• Analyzes the Dominican Republic’s Request for Purchase Under the Rapid Financing Instrument (RFI).
• RFI intended to provide timely resources to mobilize for essential coronavirus disease 2019 (COVID-19)-related health expenditure and support to the vulnerable population.
• Pandemic has significantly weakened the Dominican Republic’s macroeconomic outlook for 2020 and created financing needs requiring additional support.
• Authorities are also seeking support from other multilateral institutions.

Macroeconomic and financial policy response

• Macroeconomic and financial policies have been accommodative in response to the pandemic.
• Temporary fiscal measures to accommodate higher public healthcare spending and targeted transfers to the most vulnerable are characterized as appropriate.

Role and expected impact of IMF emergency assistance

• IMF emergency assistance under the RFI is expected to help provide the much-needed resources to address urgent balance of payments needs.
• RFI support is expected to help support essential COVID-19-related health expenditure.
• Support of other international financial institutions and development partners is described as crucial to:
  • close the remaining financing gaps,
  • ease the adjustment burden,
  • preserve the Dominican Republic’s dynamic economic growth.

Subjects and keywords

• Subjects: COVID-19, Economic sectors, Emergency assistance, Expenditure, Fiscal policy, Fiscal stance, Foreign aid, Health, Public sector
• Keywords: COVID-19, CR, Emergency assistance, Executive Board discussion, financing, financing gap, Fiscal stance, Global, headline inflation, inflation targeting framework, ISCR, monetary policy rate, Public sector, request, request for emergency, resource

Content in this bundle

• 1domea2020001 - Executive Summary
  • 1domea2020001 - Executive Summary (Markdown version)
  • 1domea2020001 - Executive Summary (PDF)