Minister of Economy meets with representatives of the IMF in the Dominican Republic

Minister Pavel Isa Contreras highlighted the initiative to promote the transformation of productive sectors through the “RD 2036 Goal” plan, which seeks to prioritize specific programs and projects that will accelerate the achievement of the National Development Strategy.

Santo Domingo, Dominican Republic. (July 2024). The Minister of Economy, Planning and Development, Pavel Isa Contreras, met with the International Monetary Fund (IMF) mission visiting the country within the framework of the Article IV consultation for 2024. In this meeting, the Dominican economy’s recent performance, medium—and long-term prospects, management of public investment, and progress on the climate agenda were discussed.

The minister indicated that the Dominican economy would grow by close to 5% by the end of 2024, given the recovery of exports and favorable financial conditions. However, he mentioned the external risks posed by the United States Federal Reserve’s stance and global financial conditions.

Isa Contreras also highlighted the good performance of the construction and tourism sectors and recognized the challenges facing the country in the long term, such as promoting educational quality through the improvement of programs aimed at both pre-university and technical-vocational education.

He also highlighted the critical initiative to promote the transformation of productive sectors through the “RD 2036 Goal” plan, which seeks to prioritize specific programs and projects that will give more excellent traction to achieving the National Development Strategy. He also commented on the progress made to boost the semiconductor industry and the strategy of positioning the country as a critical destination for this industry.

He said that the country could benefit from “nearshoring,” that is, the relocation of industrial production to territories closer to the company’s headquarters, especially if it considers the proximity of the Dominican Republic to the United States. He also mentioned that the country has made significant advances in logistics.