IMF approves $66 million disbursement for Dominican Republic

Friday, February 13, 2004

WASHINGTON, USA: The International Monetary Fund says it has approved the disbursement of $66 million for the financially-troubled Dominican Republic.  The Washington-based lender said Wednesday that its decision follows a review of the Caribbean country's financial performance. 

According to VOA News, the IMF also said in a statement that the Dominican Republic is still trying to recover from a banking sector crisis last year, which led to a currency devaluation, along with a rapid increase in public debt and inflation. The IMF went on to say that while the Dominican government succeeded in stabilizing the banking system, it still has to take steps to implement structural reforms. 

The country's financial troubles have also led to persistent power outages that sometimes last as long as 20 hours. Last month, at least six people died in street violence during a two-day general strike organized to protest the country's worsening economic crisis. 

Scores of Dominicans have fled the country, and many have tried to reach the United States by boat. 

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