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IMF Unveils Details Of Dominica Review

by Mike Godfrey,, Washington

04 January 2007

The Executive Board of the International Monetary Fund (IMF) announced last month that it has completed the seventh and last review of Dominica's performance under its three-year Poverty Reduction and Growth Facility (PRGF) arrangement.

As a result of the Executive Board's completion of the review, Dominica can draw an amount equivalent to SDR 1.2 million (about US$1.8 million) under the PRGF arrangement, which will bring total disbursements to SDR 7.7 million (about US$11.6 million). The Executive Board approved Dominica's three-year PRGF arrangement on December 29, 2003.

Murilo Portugal, Deputy Managing Director and Acting Chair of the Executive Board made the following statement regarding Dominica's current economic situation:

"The Dominican authorities have continued to implement their economic program successfully, and macroeconomic performance has strengthened further. Economic activity is expanding strongly in almost all sectors, with buoyant domestic demand and indications of a rebound in private sector confidence. Progress has also been made with structural reforms."

"The strong fiscal performance in FY2005/06 and the stance of the FY 2006/07 budget reflect the authorities' commendable commitment to implement prudent fiscal policies. The primary surplus envisaged in the FY 2006/07 budget will allow further progress toward the medium-term sustainability of public finances and debt. Measures to streamline public sector employment and strengthen public financial management are being implemented. The authorities are committed to expanding revenue reforms. The value-added tax (VAT) regime is operating well; and the authorities are committed to continued monitoring going forward to avoid its weakening."

He went on to add that:

"Significant progress has been made recently in debt restructuring, and the authorities are making good-faith efforts to reach collaborative restructuring agreements with their remaining creditors."

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