[NYTr] Dominican Republic Rejects IMF
 
Date: Thu, 29 Nov 2007 12:17:03 -0600 (CST)

Via NY Transfer News Collective  *  All the News that Doesn't Fit
 
Prensa Latina, Havana
http://www.plenglish.com

Dominican Republic Rejects IMF

Santo Domingo, Nov 29 (Prensa Latina) The Dominican government slammed
the door on the International Monetary Fund (IMF) by ratifying its
decision to obtain shares from Shell oil transnational in the National
Refinery (REFIDOMSA).

Early this month, President Leonel Fernandez announced acquisition of
50 percent of Shell participation in REFIDOMSA, which is included in an
emergency plan of energy saving decreed to deal with the crisis of
rising crude prices.

"The IMF can't keep us from taking those kind of shares," said Vicente
Bengoa, Treasury Secretary.

Early this week, the IMF representative in Dominican Republic Eric
Offerdal said that REFIDOMSA control does not provide a government
advantage and said he favored sale to private investors.

Bengoa stressed that the existing IMF agreements hinder national
sovereignty because of the restrictions imposed on the Dominican
government regarding expenditure and debt.

REFIDOMSA control will allow the government to refine 50 thousand
barrels of oil daily acquired from Venezuela in favourable conditions
through the Petrocaribbean agreement, which has been implemented by
President Hugo Chavez.

hr abo msl mf PL-6
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