The Government stated in the LOI submitted to the IMF last Tuesday, October 6 that will develop a new Mid-Term Debt Strategy to improve the country risk and to help develop the local public debt markets.  This will increase access to long term finance and will reduce the cost of credit to the Government and to the private sector both locally and internationally. In addition, the LOI incorporates, for 2010 fiscal year, estimates for gross financing needs by US$2.6 billion, which will be partially financed through international bond allocations in the international markets.  These bonds are part of the Multiannual Bonds Issuance Program included in the Multiannual Financing Plan 2010-2012, which seeks to increase Dominican presence thus increasing the liquidity of their bonds within the international markets.

The LOI was signed, in addition to the Central Bank Governor and the Minister of Planning, by the Minister of Finance Mr. Vicente Bengoa Albizu, during the IMF/World Bank Annual Meetings recently celebrated in Istambul, Turkey, being accompanied by the undersecretary of Treasury Mrs. Maria Felisa Gutierrez and Mr. Edgar Victoria, Head of the Public Debt Office.