Minister Bisonó meets IMF representatives to review Dominican Republic’s economic progress

Santo Domingo.- The Ministry of Industry, Commerce, and MSMEs announced that Minister Víctor (Ito) Bisonó met with representatives from the International Monetary Fund (IMF) for the 2024 Article IV Consultation. This critical visit assessed the country’s economic performance and highlighted significant progress under Minister Bisonó’s leadership in various strategic sectors.

During the meeting, Minister Bisonó and his team detailed state subsidy policies crucial for maintaining economic stability amid fluctuating fuel import costs. They specifically addressed the containment of hydrocarbon prices in the international market and its impact on local retail prices.

The Ministry also reviewed advancements in energy market revaluation and provided projections for oil prices and derivatives for the second half of the year, emphasizing resource efficiency and optimal distribution.

A central discussion point was the Ministry’s impact on the Dominican economy, illustrating how its policies and initiatives contribute to national growth and well-being. This quantitative analysis demonstrated a direct correlation between the Ministry’s actions and macroeconomic variables.

Minister Bisonó highlighted the strategic “Chipdriven” initiative, aimed at positioning the Dominican Republic as a key player in the semiconductor industry. This initiative has attracted attention from the U.S. Department of State, encouraging foreign investment and advanced technology transfer.

Efforts to promote certification programs for MSMEs, especially women-led businesses, were also discussed. These certifications have enhanced market access, financing, and growth opportunities for these enterprises.

The Ministry emphasized the implementation of movable collateral to improve local companies’ access to credit, fostering growth and investment. Additionally, the development of dry ports on the Haitian border was discussed to enhance logistics and bilateral trade, strengthening economic ties and facilitating goods exchange.

Minister Bisonó underscored the strategic importance of the IMF visit: “The IMF Article IV consultation is a crucial opportunity to showcase our achievements in various strategic sectors. We remain committed to strengthening our economy and improving the quality of life for all Dominicans.”

The IMF visit highlights the Dominican Republic’s dedication to transparency and international cooperation, ensuring that its economic policies align with global best practices.