Dominican economic recovery ‘a success story’
Santo Domingo.- The economic recovery achieved by the Dominican Republic in the face of the health crisis generated by the coronavirus has been labeled a success story by the international community, highlighting the opinions of the most prestigious risk rating agencies, the most prestigious institutions representatives of international banking and various multilateral organizations.
According to a press release by the Central Bank, in general terms, all these entities have favorably weighed the implementation of macroeconomic policies consistent with the objectives of achieving the recovery of productive activities, of recovering jobs and of protect the most vulnerable segments of the population.
The Central Bank highlights that during the year just ended it launched an expansive monetary policy that included the reduction of the reference interest rate from 4.5% to 3.0% and the implementation of various liquidity mechanisms, aimed at creating the conditions so that financial institutions could place and / or refinance low-cost loans to Dominican businesses and households.
“At the same time, the government designed social programs to protect the most defenseless groups of the population and made the tax burden of companies more flexible, particularly those sectors most affected by the pandemic, preserving jobs and protecting people’s income.”