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Temistocle Montas during the recent visit by IMF officials.
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Santo Domingo.- Economy minister Temístocles Montas announced Tuesday that the International Monetary Fund (IMF) will meet to sign the Letter of Intent in the Stand By agreement with the Dominican Republic on November 6.

He said as soon as the letter is signed the IMF will disburse 300 million dollars to the Government.

The official said it was based on those funds that the government sent a addendum to Congress to allow changes in the budget of some areas, as estimates for yearend show that the government will not collect around 23 billion pesos in revenue on dwindling tax collections.

Montas, speaking during the opening of the Economy Ministry’s Access to Information Office, affirmed that by next month the government would be already submitting the 2010 Budget to Congress.

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COMMENTS
13 comment(s)
Written by: Blutarsky, 20 Oct 2009 4:18 PM
From: United States, Faber College Double Secret Probation
dont forget to pay the electric bill
Written by: juanb, 20 Oct 2009 4:28 PM
From: Dominican Republic
It will vanish in 3 days.
Written by: Blutarsky, 20 Oct 2009 5:03 PM
From: United States, Faber College Double Secret Probation
The politicians will be bringing their wheelbarrows to work to pick up the cash
Written by: time2rize, 20 Oct 2009 5:15 PM
From: Dominican Republic
These are good times to be a politico. O happy days :-)
Written by: ateo1992, 20 Oct 2009 6:14 PM
From: Dominican Republic
Juandb you mean 3 mouths,

This is a good news!

now we can pay part of the electric bill, and also improve education ( that's if they think about it well)
Written by: josean, 20 Oct 2009 6:32 PM
From: United States
Borrowing on one CREDIT CARD to pay another CREDIT CARD!
Written by: DoggPound, 20 Oct 2009 6:55 PM
From: United States
Mo Money, Mo Money, Mo Money, Mo Money......the DR is a whore country indebted to the IMF with NO HOPE of ever paying it back
Written by: mrios, 20 Oct 2009 8:18 PM
From: United States
All made true inputs.....
300 Million dollars to disappear into deep pockets.....CAN WE HOLD THE INDIVIDUALS WHO SIGN THIS PACT, BE HELD ACCOUNTABLE AND PAY IT BACK WITH INTEREST EVERY LAST CENT BACK.
The DR does not need the IMF to hold the DR by the B%$$'s.
God save the DR from the greedy ones.
Written by: HiHater, 20 Oct 2009 10:29 PM
From: United States, Brooklyn, NY
Who in their right mind would lend this money to DR????

The IMF knows what's going on yet they do because they know:

1- They'll make a profit on interest.
2- The more indebted the country is, the more power the IMF holds.
3- The money goes to politicos, thus the IMF gains friends in important positions.


The first fundamentally wrong thing here though is that why not cut back expenditures. Some examples include the overpasses in the capital and the coral highway. These projects are nice and yes will help the country, but if there is a deficit there is a deficit, act accordingly.
Written by: mrios, 21 Oct 2009 8:12 AM
From: United States
HiHater,
SOOO TRUE.
Hate to say this but....Spread the wealth for the rich and make them richer sounds like "Oh'Blamanomics" plain and simple. Spend what you don't have......Then spend some more, more is better.
Ever wonder what's the "under the table deal" what are the strings attached on THIS ONE ?
Written by: RobertoJose, 21 Oct 2009 12:48 PM
From: United States, FREEPORT,( The other Dominican Republic) Long Island....(We should be proud of our country not embarassed by it.)
Great!!!! No one in office explained, HOW IN THE WORLD IS THE DOMINICAN REPUBLIC GOING TO PAY BACK MORE THAN A BILLION DOLLARS IT OWS. I'd like to be there to listen, if that would ever happen. I can't see DR payback anything. DR doesn't even have clean track record. Something is up and its not the economy(Leo's cock). Only a handfull would benefit from what ever Leo is cooking up. NOT GOOD NOT GOOD
Written by: mrios, 21 Oct 2009 7:51 PM
From: United States
RobertoJose,
I understand the City's in the DR are planning new TAXES ?
Funny ! still no clear cut answer on how the 300 Million would be payed back in the first place.......the "Oh'Blama way".

For those who post and think I'm always bad mouthing the DR when it comes to "Helping the People of the DR by bringing more MONEY = Employment for the People".......May I make a suggestion..............start by pressuring the DR Politico's to PAY PAST LOANS BACK !
WHEN WILL THE PEOPLE OF THE DR EVER LEARN, NOTHING IN LIFE IS FREE.....NOTHING !
Written by: abc200, 22 Oct 2009 5:15 PM
From: United Kingdom
No problem paying back - dollar loans are good - dollar could devalue by 50% soon. Sugar, gold, other DR exports will rise in dollar price.
Good way to pay back is to raise tax on imports.; cars, gas, etc. and to limit foreign exchange on people traveling abroad.
S.
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