Government and IMF reach agreement on reducing electricity subsidy

The International Monetary Fund (IMF) and the Dominican authorities have agreed to enhance revenues, control costs and reduce government subsidies for electricity, in order to achieve gradual fiscal consolidation envisaged in the Stand-By agreement signed. last year.

IMF Deputy Managing Director Murilo Portugal spoke after meeting in Washington with finance minister Vicente Bengoa, Central Bank governor, Hector Valdez Albizu and Themistocles Mont�s, the minister for the economy. He said that the agreements also seek to maintain growth of domestic demand on a sustainable path.

After the visit , the Dominican government's economic team reported that a letter of intent will be drafted and presented to the IMF for consideration.

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