New IMF Deal A Leap Of Faith

By agreeing to abandon the previous Stand-by arrangement with the Dominican Republic, the IMF is demonstrating a great deal of confidence in the economic policies of President Leonel Fernández and his administration. Despite improving macroeconomic fundamentals since 2003's banking crisis, we caution that amid double-digit inflation and greater global macroeconomic uncertainty, the Fund may be demonstrating a little too much confidence in a still fragile economy.

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