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SANTO DOMINGO, Dominican Republic - The Dominican Republic will receive an initial $300 million from the International Monetary Fund as part of a larger loan to boost the country's economy.
The Caribbean nation's Central Bank said Monday the Washington-based international lender has approved a $1.7 billion loan. In exchange, the government promises to reduce tax exemptions, improve banking supervision and better manage public debt.
President Leonel Fernandez said recently that a nearly $600 million budget deficit spurred the government to seek help from the IMF.
It is the second time the Dominican Republic has requested an IMF loan. It received nearly $700 million to overcome a 2003 banking crisis that led to high inflation and devalued the peso.
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