The mission of the International Monetary Fund (IMF) in the Dominican Republic described as positive the fiscal management that the Dominican Government has had, during a visit to the Ministry of Finance in compliance with Article IV on annual consultations, to take stock of the economy.
The IMF team praised the resilience and dynamism of the country’s economy, which they highlighted remains thriving and with solid fundamentals, despite the situation of international uncertainty, fostered by the good management of fiscal and monetary policy.
Minister Jochi Vicente expressed to the members of the organization that the Ministry of Finance remains committed to the fiscal consolidation process that has begun, evidenced in a prudent management of public finances that has allowed fiscal policy to be kept in line with what was planned.
“Despite the slowdown in economic growth, due to the monetary measures to curb inflation, we have managed to keep revenues in line with what was budgeted and, in terms of spending, accelerated investment in public works to boost construction and other sectors in which it has an impact,” he declared.
The representatives of the Fund highlighted that, despite the most restrictive financial conditions worldwide, the country has managed to attract direct foreign investment, maintain uninterrupted access to markets and adequate levels of capitalization, liquidity and profitability in the financial sector.
The mission pointed out that the priorities of the current administration of guaranteeing the convergence of inflation, maintaining a limited trajectory of the debt and ensuring the robustness of the financial system have been correct given the current international panorama.
The visit was headed by Emilio Fernández-Corugedo, IMF Chief of Mission; who was accompanied by Pamela Beatriz Madrid, Dirk Jan Grolleman, Manuel Rosales Torres, Metodij Hadzi-Vaskov, and Frank Fuentes, representative of the Dominican Republic before the organization.
Meanwhile, on behalf of the Treasury, the Vice Ministers of the Treasury and the Budget, Derby De Los Santos and José Rijo Presbot, respectively, the Vice Minister of Public Credit, María José Martínez; the Deputy Minister of Tax Policy Martín Zapata; the director of Analysis and Fiscal Policy, Camila Hernández Villamán, and the adviser to the Ministry, Gian Lucas Marra.