Accession Number:

ADA461397

Title:

Dominican Republic: Political and Economic Conditions and Relations with the United States

Descriptive Note:

Congressional rept.

Corporate Author:

LIBRARY OF CONGRESS WASHINGTON DC CONGRESSIONAL RESEARCH SERVICE

Personal Author(s):

Report Date:

2005-03-08

Pagination or Media Count:

7.0

Abstract:

President Leonel Fernandez of the Dominican Liberation Party PLD, who served as president previously 1996-2000, took office on August 16, 2004. Press reports indicate that, 7 months into his 4-year term, President Fernandez has restored some confidence in the Dominican economy. Since August 2004, the Dominican currency has risen 30 against the U.S. dollar and inflation has declined dramatically. The Fernandez administration has struggled, however, to cope with rising crime rates and persistent electricity shortages. On December 28, 2004, President Fernandez signed a bill repealing a Dominican tax on drinks containing high fructose corn syrup, a major U.S. product, that had threatened the countrys chances of being included in the U.S.- Dominican Republic-Central American Free Trade Agreement DR-CAFTA. On January 31, 2005, the IMF approved a new 670 million loan agreement with the Dominican Republic. For further information, see CRS Report RL32322, Central America and the Dominican Republic in the Context of the Free Trade Agreement DR-CAFTA, coordinated by Larry Storrs. This report will be updated periodically.

Subject Categories:

  • Economics and Cost Analysis
  • Government and Political Science
  • Sociology and Law

Distribution Statement:

APPROVED FOR PUBLIC RELEASE