AFP hold meeting with IMF mission

The Dominican Association of Pension Fund Administrators (ADAFP) presented the advances in the social protection of the workers of the Dominican pension system administered by the AFPs to the Mission of the International Monetary Fund (IMF) that it was in the country, made up of Emilio Fernández-Corugedo, head of the mission; Dirk Jan Grolleman, Manuel Rosales Torres and Frank Fuentes, representative of the Dominican Republic before that body.

In a meeting at the ADAFP headquarters, its executive president, Kirsis Jáquez, reported that to date more than 325 thousand people have received different types of benefits offered by the Dominican pension system, such as the delivery of balance for late income and inheritance, pensions for severance due to advanced age, pensions for early old age, survivorship and disability.

Jáquez stressed that the Pension funds managed by the AFPs constitute the main long-term investor that the Dominican Republic has and has contributed to macroeconomic stability and growth.

According to the study Economic and Inclusive Impacts of the Reform of the Pension System in the Dominican Republic, from 2003 to 2019 pension savings have contributed an average of 22% of economic growth in the country.

This saving has provided liquidity to the financial system, which is reflected in the lower cost of credit. It also stimulates and deepens the stock market through financing and participation in companies and projects in sectors with high economic and social impact, such as energy, free zone, tourism and agro-industry.

Besides, the ADAFP presented its improvement proposals to provide more and better pensionswith adjustments that increase coverage and improve pensions in a sustainable manner.

Also participating in the meeting were Luis José Jiménez, Vice President of Finance of AFP Popular, and Henry Fuentes, General Manager of AFP Reservas.

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