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Volume No. 1 Issue No. 34 - Monday, December 30, 2002 |
New IMF Program for Dominica
by: Thomson Fontaine
Dominica is expected to negotiate a Poverty Reduction and Growth Facility (PRGF) program with the International Monetary Fund in 2003. The announcement was made by Prime Minister Pierre Charles as he outlined government's approach to tackling Dominica's ongoing economic problem. The Prime Minister expressed confidence that the PRGF program coupled with other major projects scheduled to begin in 2003 will lift the country out of its economic depression.
According to Prime Minister Charles, 2002 was a very challenging year, but he added that 2003 holds great prospects for the island's 71,000 people. He expected the financial assistance from the International Monetary Fund and the World Bank to boost the country's economy in the coming months. Dominica is currently undergoing an economic stabilization program with financial and technical assistance coming from regional and international countries and agencies.
The PRGF is a special IMF program aimed at poor, developing countries with a focus on poverty alleviation and the promotion of economic growth.
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