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Statement by IMF Managing Director Dominique
Strauss-Kahn at the Conclusion of his Visit
to the Dominican Republic
Press
Release No. 08/312
December 08,
2008
Mr. Dominique Strauss-Kahn, Managing
Director of the International Monetary Fund
(IMF), issued the following statement today
in Santo Domingo at the conclusion of his
visit to the Dominican Republic:
"It has been a pleasure to visit the
Dominican Republic as a part of my first
official tour to the Caribbean and Central
America. My trip to the region takes place
in the context of a very serious global
financial crisis, which requires firm and
comprehensive action by all our countries as
well as close policy coordination among
them.
"During my stay in Santo Domingo, I had the
privilege to meet His Excellency President
Leonel Fernández Reyna, Governor of the
Central Bank of the Dominican Republic,
Mr. Hector Héctor Valdez Albizu, Secretary
of Planning, Economy and Development, Mr. Juán
Temístocles Montás, Secretary of Finance,
Mr. Vicente Bengoa, and Superintendent of
Banks, Mr. Rafael Camilo Abréu.
"Our discussions focused on the dual
challenge facing the Dominican Republic in
this difficult time: the need to return to a
financeable fiscal position in the face of
tight world credit markets, while ensuring
that macropolicies do not exacerbate an
emerging slowdown in economic activity.
There was broad agreement on the need to
rebalance macroeconomic policies by reducing
the fiscal deficit, as proposed by the
authorities, to allow some easing of
monetary policy and lower interest rates to
help spur private sector activity. Over the
medium term, improving economic welfare will
hinge on accelerated employment creation and
income growth that will be enhanced by a
further gradual but steady reduction in the
public debt ratios.
"In these difficult times, close oversight
of the financial sector is most important.
On this front, bank indicators are
favorable, suggesting a well-capitalized,
liquid, and profitable banking system that
should be well-positioned to withstand
current adverse external conditions. A joint
IMF and World Bank mission is scheduled for
early 2009 to conduct an update of the
financial sector assessment program, which
should further aid the superintendency of
banks to strengthen its efforts in ensuring
the financial sector becomes a major
strength of the economy.
"The policy objectives for 2009 should
contribute significantly to allow the
Dominican economy to weather well the
current global economic crisis."
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