Fund Relations

(As of March 31, 2019)

Membership Status: Joined: December 28, 1945

General Resources Account:	SDR Million	% Quota
Quota	477.40	100.00
Fund holdings of currency (Exchange Rate)	412.77	86.46
Reserve Tranche Position	64.63	13.54

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General Resources Account:	SDR Million	% Quota
Quota	477.40	100.00
Fund holdings of currency (Exchange Rate)	412.77	86.46
Reserve Tranche Position	64.63	13.54

SDR Department:	SDR Million	% Allocation
Net cumulative allocation	208.83	100.00
Holdings	4.93	2.36

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SDR Department:	SDR Million	% Allocation
Net cumulative allocation	208.83	100.00
Holdings	4.93	2.36

Outstanding Purchases and Loans: None

Latest Financial Arrangements:

Type	Date of Arrangement	Expiration Date	Amount Approved (SDR Million)	Amount Drawn (SDR Million)
Stand-By	November 9, 2009	March 8, 2012	1,094.50	766.15
Stand-By	January 31, 2005	January 30, 2008	437.80	437.80
Stand-By	August 29, 2003	January 31, 2005	437.80	131.34

View Table

Type	Date of Arrangement	Expiration Date	Amount Approved (SDR Million)	Amount Drawn (SDR Million)
Stand-By	November 9, 2009	March 8, 2012	1,094.50	766.15
Stand-By	January 31, 2005	January 30, 2008	437.80	437.80
Stand-By	August 29, 2003	January 31, 2005	437.80	131.34

Projected Payments to Fund

(SDR Million; based on existing use of resources and present holdings of SDRs):

	Forthcoming
	2019	2020	2021	2022	2023
Principal	0.00	0.00	0.00	0.00	0.00
Charges/Interest	1.75	2.35	2.35	2.35	2.35
Total	1.75	2.35	2.35	2.35	2.35

View Table

	Forthcoming
	2019	2020	2021	2022	2023
Principal	0.00	0.00	0.00	0.00	0.00
Charges/Interest	1.75	2.35	2.35	2.35	2.35
Total	1.75	2.35	2.35	2.35	2.35

Implementation of Enhanced HIPC Initiative: Not Applicable

Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable Implementation of Catastrophe Containment and Relief (CCR): Not Applicable

Exchange Rate Arrangement. The Dominican Republic’s de jure exchange rate arrangement is classified as “managed floating”, while the de facto exchange rate arrangement is classified as a “crawl-like arrangement.” The Dominican Republic maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions.

Article IV Consultation. The previous round of Article IV consultation discussions took place in Santo Domingo during January 29 – February 10, 2018. The consultation was concluded by the Executive Board on April 11, 2018. The corresponding report was published in October 2018. The Dominican Republic is on the standard 12-month consultation cycle.

FSAP Participation. An FSAP update was completed in February 2009. The corresponding report was issued in November 2009.

Technical Assistance. Technical assistance (TA) delivery to the Dominican Republic takes place through a mix of resident advisors, short-term HQ expert missions, and visits from regional advisors based in the IMF Regional Technical Assistance Center for Central America, Panama and the Dominican Republic (CAPTAC-DR). The key areas of focus are:

• Revenue Reform: a resident tax administration advisor supports the internal tax administration (DGII), and the work plan in the last year has focused on the strengthening of taxpayer registry and tax compliance risk management. In the medium term, CAPTAC-DR will continue to support the modernization strategy of tax administration (risk management and tax audit based on cross-information).

• Customs Administration: the TA of CAPTAC-DR to the external tax administration (DGA) has been focused in three main areas: (i) strategic planning; (ii) risk management; and (iii) post-clearance audit.

• Public Financial Management: the focus of TA is to enable greater efficiency in the use of public resources as well as greater fiscal transparency. Specific TA objectives include (i) the improvement of asset and liability management; (ii) comprehensive, credible and policy-based budget preparation; (iii) strengthened identification, monitoring and management of fiscal risks, and (iv) improved coverage and quality of public sector financial statements.

• Real Sector Statistics: TA to compile Input-Output Tables (IOT) for 2007 and 2012 was provided during 2016 and 2017; the dissemination of the IOTs as part of the National Accounts series with base year 2007 is forthcoming. A national accounts rebasing project to 2018 is in progress, for which a Household Income and Expenditure Survey was conducted during 2018/19. For National Accounts and prices, TA has been planned to go forward, with the topics to be defined by the central bank in line with the rebasing project needs.

• Government Finance Statistics: the work plan for government finance statistics (GFS) was developed in 2017. Follow-up TA missions resulted in the newly-published monthly budgetary central government data fully aligned with the latest international standards, based on joint work between the MOF and the central bank. Forthcoming TA will focus on the expansion of data coverage and improvement of debt data.

• Financial Sector Supervision and Regulation: the strategic objective is to bolster the tailored implementation of financial supervision and regulation according to international best practices, with an emphasis on risk-based supervision, cross-border consolidated supervision, and the adoption of prudential criteria based on IFRS and Basel standards. Recent TA activities focused on developing and strengthening banking prudential regulation regarding market risk and IRRBB management; and updating current liquidity risk standards and requirements to banks, by introducing Basel’s LCR.

Resident Representative: The Fund representative office was closed on July 1, 2014.

Relations with Other International Financial Institutions

World Bank: http://www.worldbank.org/en/country/dominicanrepublic

Interamerican Development Bank: https://www.iadb.org/en/countries/dominican-republic/overview

Development Bank of Latin America (CAF): https://www.caf.com/en/countries/dominican-republic/

Central American Bank for Economic Integration: https://www.bcie.org/en/member-countries/regional-non-founding-members/dominican-republic/

Main Websites of Data

Central Bank of the Dominican Republic (https://www.bancentral.gov.do/)

National accounts

Consumer Price Index

Monthly Indicator of Economic Activity (IMAE)

Balance of Payments

International reserves

Interest rates

Monetary and financial indicators

Tourism statistics

Labor and employment

Exchange rates

Ministry of Finance (https://www.hacienda.gob.do/)

Fiscal accounts

Central government budget

Ministry of Economy, Planning and Development (https://www.economia.gob.do/)

Household income and expenditure survey Poverty and inequality Construction sector statistics

Public Debt Office of the Treasury (https://www.creditopublico.gov.do/)

Public debt

Superintendency of Banks (https://www.creditopublico.gov.do/)

Balance sheets and income statements Financial Soundness Indicators

Statistical Issues

(As of April 29, 2019)

I. Assessment of Data Adequacy for Surveillance

General: Data provision is broadly adequate for surveillance. Most macroeconomic statistics are compiled by the Central Bank of the Dominican Republic, with the National Statistics Office producing underlying surveys and the population census. Fiscal data are compiled by the Ministry of Finance.

National Accounts: The Central Bank of the Dominican Republic compiles and disseminates national accounts series, based on the concepts and definitions of the System of National Accounts 2008. A rebasing project of national accounts to 2018 is in progress, including a Household Income and Expenditure Survey conducted during 2018/19. Regional GDP estimates are not available. National accounts are compiled by the production and expenditure approaches, both at current prices and chain-linked volume indices with 2007 as the reference year. A Monthly Index of Economic Activity (Indice Mensual de Actividad Económica, IMAE), which is a chain-linked volume index with 2007 as the reference year, is published monthly by the Central Bank.

Price Statistics: The concepts and definitions used in the Consumer Price Index (CPI) follow internationally accepted standards. The CPI basket of goods and services is disaggregated and allows evaluation of prices for 12 groups of goods and services, according to the Classification of Individual Consumption by Purpose (COICOP). The CPI has a base year of 2010 with weights based on the results of the National Household Income and Expenditure Survey (ENIGH), conducted between January 2007 and January 2008. The National Statistical Office compiles a Producer Price Index for manufacturing and services with weights from the national accounts (base year 2007), and reference period of December 2013.

Government Finance Statistics: Both the Ministry of Finance and the Central Bank compile and disseminate government finance statistics (GFS). Although aggregate data are available for the central government, the balance of the Rest of the Non-Financial Public Sector is estimated only from the financing side, as above-the-line data coverage on local governments and some non-central government entities is incomplete and not timely. The authorities have made progress in fiscal data presentation and are posting fiscal execution data on the transparency portal of the Ministry of Finance. The country participates in a regional capacity development program for the harmonization of GFS for Central America, Panama, and the Dominican Republic led by the IMF’s Regional Center for Technical Assistance (CAPTAC-DR). The authorities have transitioned to the GFSM 2014 framework, with technical assistance from the Statistics Department of the IMF and CAPTAC DR. The authorities are currently working to implement International Public Sector Accounting Standards (IPSAS) and introduce a results-based program budgeting system. The authorities are encouraged to involve strategic units in elaborating the chart of accounts under IPSAS, create a GFS committee to reconcile fiscal data with participation of Ministry of Finance and the Central Bank, review the regulatory framework for financial management prior to the adoption of international standards, and disseminate comprehensive fiscal data on a timely basis.

Monetary and Financial Statistics: The Central Bank of the Dominican Republic compiles monetary statistics, including its monetary accounts and the accounts for other depository corporations (ODCs). A consolidated balance sheet of the financial sector is available. Monetary data is reported to the IMF’s Statistics Department using standardized report forms on a monthly basis allowing balance sheet analysis of currency and maturity mismatches for depository corporations. The Central Bank of the Dominican Republic also disseminates its harmonized monetary statistics via its webpage. The Dominican Republic reports data on several series and indicators to the Financial Access Survey (FAS), including gender-disaggregated data on use of basic financial services, mobile money and the two indicators of the U.N. Sustainable Development Goals.

Financial sector surveillance: The Dominican Republic is a participant in the IMF’s Financial Soundness Indicators (FSIs) database, reporting FSIs monthly with data beginning in 2008. The data is reported by the Superintendency of Banks of the Dominican Republic and is very comprehensive, both for the banking system as a whole, and for individual banks. There is very good coverage of core FSIs, but FSIs on non-financial corporates and households are not available. There is also no data available on real estate markets.

External sector statistics: The Central Bank of the Dominican Republic compiles and disseminates balance of payments and international investment position (IIP) statistics on a BPM6 basis (BPM6 basis balance of payments and IIP data need to be extended historically as they start in 2010 and 2009, respectively). Coverage gaps mainly affect the recording of nonfinancial private sector transactions in the financial account and give rise to persistent errors and omissions in the balance of payments statistics. These coverage issues particularly relate to direct investment and private sector external debt

transactions and positions which also impact IIP statistics. The Directorate of Public Credit of the Ministry of Finance publishes the external debt of the government. External debt statistics for the whole economy, including detailed private sector external debt data, are not disseminated. The Dominican Republic does not participate in the Coordinated Portfolio Investment Survey (CPIS) and the Coordinated Direct Investment Survey (CDIS).

II. Data Standards and Quality

The country has been a e-GDDS participant since November 22, 2005 and implemented the e-GDDS on February 21, 2019 by launching a National Summary Data Page (NSDP). The NSDP reflects updated metadata and other recent methodological improvements.

View Table

I. Assessment of Data Adequacy for Surveillance

General: Data provision is broadly adequate for surveillance. Most macroeconomic statistics are compiled by the Central Bank of the Dominican Republic, with the National Statistics Office producing underlying surveys and the population census. Fiscal data are compiled by the Ministry of Finance.

National Accounts: The Central Bank of the Dominican Republic compiles and disseminates national accounts series, based on the concepts and definitions of the System of National Accounts 2008. A rebasing project of national accounts to 2018 is in progress, including a Household Income and Expenditure Survey conducted during 2018/19. Regional GDP estimates are not available. National accounts are compiled by the production and expenditure approaches, both at current prices and chain-linked volume indices with 2007 as the reference year. A Monthly Index of Economic Activity (Indice Mensual de Actividad Económica, IMAE), which is a chain-linked volume index with 2007 as the reference year, is published monthly by the Central Bank.

Price Statistics: The concepts and definitions used in the Consumer Price Index (CPI) follow internationally accepted standards. The CPI basket of goods and services is disaggregated and allows evaluation of prices for 12 groups of goods and services, according to the Classification of Individual Consumption by Purpose (COICOP). The CPI has a base year of 2010 with weights based on the results of the National Household Income and Expenditure Survey (ENIGH), conducted between January 2007 and January 2008. The National Statistical Office compiles a Producer Price Index for manufacturing and services with weights from the national accounts (base year 2007), and reference period of December 2013.

Government Finance Statistics: Both the Ministry of Finance and the Central Bank compile and disseminate government finance statistics (GFS). Although aggregate data are available for the central government, the balance of the Rest of the Non-Financial Public Sector is estimated only from the financing side, as above-the-line data coverage on local governments and some non-central government entities is incomplete and not timely. The authorities have made progress in fiscal data presentation and are posting fiscal execution data on the transparency portal of the Ministry of Finance. The country participates in a regional capacity development program for the harmonization of GFS for Central America, Panama, and the Dominican Republic led by the IMF’s Regional Center for Technical Assistance (CAPTAC-DR). The authorities have transitioned to the GFSM 2014 framework, with technical assistance from the Statistics Department of the IMF and CAPTAC DR. The authorities are currently working to implement International Public Sector Accounting Standards (IPSAS) and introduce a results-based program budgeting system. The authorities are encouraged to involve strategic units in elaborating the chart of accounts under IPSAS, create a GFS committee to reconcile fiscal data with participation of Ministry of Finance and the Central Bank, review the regulatory framework for financial management prior to the adoption of international standards, and disseminate comprehensive fiscal data on a timely basis.

Monetary and Financial Statistics: The Central Bank of the Dominican Republic compiles monetary statistics, including its monetary accounts and the accounts for other depository corporations (ODCs). A consolidated balance sheet of the financial sector is available. Monetary data is reported to the IMF’s Statistics Department using standardized report forms on a monthly basis allowing balance sheet analysis of currency and maturity mismatches for depository corporations. The Central Bank of the Dominican Republic also disseminates its harmonized monetary statistics via its webpage. The Dominican Republic reports data on several series and indicators to the Financial Access Survey (FAS), including gender-disaggregated data on use of basic financial services, mobile money and the two indicators of the U.N. Sustainable Development Goals.

Financial sector surveillance: The Dominican Republic is a participant in the IMF’s Financial Soundness Indicators (FSIs) database, reporting FSIs monthly with data beginning in 2008. The data is reported by the Superintendency of Banks of the Dominican Republic and is very comprehensive, both for the banking system as a whole, and for individual banks. There is very good coverage of core FSIs, but FSIs on non-financial corporates and households are not available. There is also no data available on real estate markets.

External sector statistics: The Central Bank of the Dominican Republic compiles and disseminates balance of payments and international investment position (IIP) statistics on a BPM6 basis (BPM6 basis balance of payments and IIP data need to be extended historically as they start in 2010 and 2009, respectively). Coverage gaps mainly affect the recording of nonfinancial private sector transactions in the financial account and give rise to persistent errors and omissions in the balance of payments statistics. These coverage issues particularly relate to direct investment and private sector external debt

transactions and positions which also impact IIP statistics. The Directorate of Public Credit of the Ministry of Finance publishes the external debt of the government. External debt statistics for the whole economy, including detailed private sector external debt data, are not disseminated. The Dominican Republic does not participate in the Coordinated Portfolio Investment Survey (CPIS) and the Coordinated Direct Investment Survey (CDIS).

II. Data Standards and Quality

The country has been a e-GDDS participant since November 22, 2005 and implemented the e-GDDS on February 21, 2019 by launching a National Summary Data Page (NSDP). The NSDP reflects updated metadata and other recent methodological improvements.

Table 1.

Dominican Republic: Common Indicators Required for Surveillance

(as of April 26, 2019)

¹Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Includes external gross financial asset and liability positions vis-à-vis nonresidents, including of offshore banks.

⁷Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

Table 1.

Dominican Republic: Common Indicators Required for Surveillance

(as of April 26, 2019)

	Date of latest Observation	Date Received	Frequency of Data7	Frequency of Reporting7	Frequency of Publication7
Exchange Rates	4/26/2019	4/26/2019	D	D	D
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	4/17/2019	4/25/2019	D	D	M
Reserve/Base Money	4/25/2019	4/26/2019	D	D	W
Broad Money	03/2019	03/2019	W	W	W
Central Bank Balance Sheet	3/2019	04/2019	M	M	M
Consolidated Balance Sheet of the Banking System	3/2019	04/2019	M	M	M
Interest Rates2	4/26/2019	4/26/2019	D	D	D
Consumer Price Index	3/2019	4/2019	M	M	M
Revenue, Expenditure, Balance and Composition of Financing3-General Government4	12/2018	2/2019	M	M	M
Revenue, Expenditure, Balance and Composition of Financing3–Central	12/2018	2/2019	M	M	M
GStovcekrsn omf eCnetntral Government and Central Government-Guaranteed Debt5	12/2018	2/2019	Q	Q	Q
External Current Account Balance	12/2018	3/2019	Q	Q	Q
Exports and Imports of Goods and Services	12/2018	3/2019	M	M	M
GDP/GNP	Q4/2018	2/2019	Q	Q	Q
Gross External Debt	NA	NA	NA	NA	NA
International Investment Position6	12/2018	3/2019	Q	Q	Q

¹Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Includes external gross financial asset and liability positions vis-à-vis nonresidents, including of offshore banks.

⁷Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

View Table

Table 1.

Dominican Republic: Common Indicators Required for Surveillance

(as of April 26, 2019)

	Date of latest Observation	Date Received	Frequency of Data7	Frequency of Reporting7	Frequency of Publication7
Exchange Rates	4/26/2019	4/26/2019	D	D	D
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	4/17/2019	4/25/2019	D	D	M
Reserve/Base Money	4/25/2019	4/26/2019	D	D	W
Broad Money	03/2019	03/2019	W	W	W
Central Bank Balance Sheet	3/2019	04/2019	M	M	M
Consolidated Balance Sheet of the Banking System	3/2019	04/2019	M	M	M
Interest Rates2	4/26/2019	4/26/2019	D	D	D
Consumer Price Index	3/2019	4/2019	M	M	M
Revenue, Expenditure, Balance and Composition of Financing3-General Government4	12/2018	2/2019	M	M	M
Revenue, Expenditure, Balance and Composition of Financing3–Central	12/2018	2/2019	M	M	M
GStovcekrsn omf eCnetntral Government and Central Government-Guaranteed Debt5	12/2018	2/2019	Q	Q	Q
External Current Account Balance	12/2018	3/2019	Q	Q	Q
Exports and Imports of Goods and Services	12/2018	3/2019	M	M	M
GDP/GNP	Q4/2018	2/2019	Q	Q	Q
Gross External Debt	NA	NA	NA	NA	NA
International Investment Position6	12/2018	3/2019	Q	Q	Q

¹Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Includes external gross financial asset and liability positions vis-à-vis nonresidents, including of offshore banks.

⁷Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).