IMF reports progress in loan talks.The International Monetary Fund said it had made "significant progress" in talks with the Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. on a new stand-by loan agreement, reports Reuters (Oct. 29, 2004). The IMF IMF See: International Monetary Fund IMF See International Monetary Fund (IMF). said the new government was "appropriately" considering budget adjustments, monetary policy to keep inflation down and ways to strengthen its banking system in the discussions that should resume shortly in either Santo Domingo Santo Domingo, pueblo, United States Santo Domingo (sän'tə dəmĭng`gō), pueblo (1990 pop. 2,866), Sandoval co., N central N.Mex., on the Rio Grande; founded c.1700 after earlier pueblos were destroyed by floods. or Washington. "The Dominican authorities are now specifying their plans in greater detail in a number of areas, including the electricity sector and the draft budget for 2005," said Jose Fajgenbaum, deputy director of the IMF's Western Hemisphere Western Hemisphere Part of Earth comprising North and South America and the surrounding waters. Longitudes 20° W and 160° E are often considered its boundaries. Department, said. Rocked by a $2.2 billion collapse last year of a leading bank, the Caribbean nation has gone from a strong economic performer to the verge of defaulting on its foreign debt. |
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