Economy April 30, 2020 | 7:42 am

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IMF loans Dominican Republic US$650.0M to fight pandemic

Santo Domingo.- The Executive Board of the International Monetary Fund (IMF) on Wednesday approved a loan US$650.0 million for the Dominican Republic, as part of the emergency funds to face the pandemic.

The IMF noted that “the pandemic has significantly weakened” the country’s macroeconomic prospects for 2020 and created financing needs that require additional support.

The emergency financial assistance was established under the Rapid Financing Instrument (RFI). It said the authorities are also seeking the assistance of other multilateral institutions.

“The severity of the COVID-19 global ‘shock’ has disrupted the economy of the Dominican Republic and created urgent needs for balance of payments and fiscal financing,” said IMF Deputy Managing Director Tao Zhang.

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