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IMF approves Governments application and awards US$120m this week
posted on: Apr 8 2010 10:33 by Royston. Viewed 368 times.
The Board of the International Monetary Fund (IMF) has approved the 19th March Letter of Intent from the Government of the Dominican Republic to sign a new agreement.
As a result, Central Bank director, Hector Valdez Albizu reported that the Dominican Republic will receive approximately US$120 million this week. Of that amount, almost US$38 million will go to support the Government's budget and US$82 million will strengthen the Central Bank's international reserves.
For the full year, 2010, the Government hopes to receive US$526 million. Of that amount, US$151.48 million will be allocated to the Government and US$374.54 million for the Central Bank.
The Central Bank further notes that the adoption of the first revision of the Stand-by Agreement with the IMF allows the Government to go to international markets for the placement of sovereign bonds listed on both the national budget and the Agreement with the IMF.
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