IMF deal for Dominican Republic
Published:Tuesday | November 10, 2009 | 12:47 PM
The International Monetary Fund has approved a $1.7 billion loan programme to help the Dominican Republic through the economic crisis.
Like other countries in the region the Dominican Republic has suffered rising unemployment and reduced exports, tourism and remittances.
The IMF said the funding will allow the country to inject a short term fiscal stimulus while also laying the foundations for a gradual recovery and sustained growth.
The stimulus will focus on high return investment projects and strengthening social programs.
The Fund also said the agreement will pave the way for additional financing from other multilateral sources.