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IMF predicts growth of 5.5% in Dominican economy
posted on: Jun 2 2010 11:22 by Royston. Viewed 402 times.
The International Monetary Fund (IMF) predicted on Tuesday that the Dominican economy will grow between 5 and 5.5% this year, a much higher rate than previous estimates.
The agency raised its estimate as part of the second credit review of the agreement by which the country will receive US$1,700 million by 2012 if the Government reaches the agreed targets.
Alejandro Santos, manager of the IMF in Dominican Republic, said in a statement that the country has fulfilled the goal set in March, although there have been delays in reforming the electricity sector.
At the same time, its economic performance has been "impressive," said Santos with a growth rate of 7.5% in the first quarter.
"Exports and imports, tax revenues and private credit are expanding at healthy rates," said Santos, who led a delegation to Santo Domingo between 18 and 28 May to prepare the IMF evaluation.
That surge has prompted the IMF to increase by about two percentage points its estimate of growth for this year, which in April it had put at 3.5%.
Santos noted that inflation is above the central bank's target of between 6 and 7%, but said this was due mainly to energy prices and food prices, which are very volatile.
Excluding both, inflation "is still below 3 percent," said the expert who, during his stay, had met with the government's economic team, the Central Bank governor Hector Valdez, and private sector representatives and the international community.
Once the team led by Santos completes its report in Washington, it will be submitted to the Executive Board of the IMF which will devote a session to it's analysis.
A decision will then be made on whether to give approval to the performance of the Dominican Republic and offer a new batch of loans.
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