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Caribbean & Central America - August 2016 (ISSN 1741-4458)
DOMINICAN REPUBLIC: DR settles debts with the IMF
On 19 July, the Dominican Republic (DR)’s central bank (BCRD) paid the remaining balance of US$37.8m on a US$1.19bn loan taken out by the country with the International Monetary Fund (IMF) in 2009 to help the Caribbean’s largest economy weather the global economic crisis of the time. Following a similar move in January 2015, when the country paid off US$4.1bn in outstanding debt with Venezuela for oil shipments procured under the Petrocaribe programme [RC-15-02], the clearance of the IMF debt reflects the DR’s prudent stewardship of its economy as well as favourable economic conditions. The move leaves open opportunities to draw upon IMF support in the future, if required, and assists a process of consolidation in fiscal standing and international reserves by reducing the country’s balance of external public debt.
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