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IMF grants DomRep $1.7B loan to revive economy

Dominican Republic to receive $1.7 billion loan from IMF aimed at jump-starting economy

  • On 6:20 pm EST, Monday November 9, 2009

SANTO DOMINGO, Dominican Republic (AP) -- The Dominican Republic will receive an initial $300 million from the International Monetary Fund as part of a larger loan to boost the country's economy.

The Caribbean nation's Central Bank said Monday the Washington-based international lender has approved a $1.7 billion loan. In exchange, the government promises to reduce tax exemptions, improve banking supervision and better manage public debt.

President Leonel Fernandez said recently that a nearly $600 million budget deficit spurred the government to seek help from the IMF.

It is the second time the Dominican Republic has requested an IMF loan. It received nearly $700 million to overcome a 2003 banking crisis that led to high inflation and devalued the peso.

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