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Saturday, September 24, 2011

IMF: Global factors roll back Dominican Republic growth projection

The International Monetary Fund (IMF) Thursday said the country’s inflation continues to climb, and the goals of the electrical sector’s current deficit and consolidated fiscal deficit weren’t reached by the end of June.

It said there are delays in specific areas of the structural reforms agenda, though the performance of the program with Dominican Republic continues being satisfactory in general.

IMF delegation chief Alejandro Santos, when concluding the agreement’s 7th revision, said despite an unexpected deterioration in the external environs the country’s macroeconomic conditions remain favorable. He said despite a deceleration, the economy is still growing at a rate of around 4 percent.

The IMF official said external conditions aren’t as favorable, and the growth projection for 2011 was reduced to 4-5%, from the previous 5-5.5%.

Santos said inflation continues to rise, pushed mainly by prices of raw materials. “The general annualized inflation reached 10% in August, but it’s expected to fall to 7-8% at year end and 5-6% in 2012, because the monetary conditions remain tight.

"The program’s performance continues satisfactory in general terms, although two performance criteria for the end of June 2011 weren’t reached, the goal for the current deficit of the electrical sector and the goal for the consolidated fiscal deficit,” he said.

Santos added that the agenda’s application of the structural reforms continues on the right path, despite delays in specific areas. “The fiscal actions recently adopted in mid 2011, such as the tax measures, the tighter additional budget and the adjustments in electricity prices place the fiscal objectives for 2011 at its reach, including the consolidated public sector deficit of 3 percent of the GDP, although some additional refinements in the policies are necessary.”

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Source: Dominican Today

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