Economic support fund

$5 million to the Government of the Dominican Republic (GODR) to support the sustained implementation of its economic stabilization program and to address sectoral bottlenecks that constrain the country"s development. Program funds will be used to finance U.S. source-origin productive inputs for the private sector. Local currency generations will be used to retire domestic debt owed by the Dominican Electric Corporation to the GODR. Conditions precedent include: sustained implementation of the GODR"s economic reform program and current stand-by arrangement with the IMF; actions to facilitate private sector investment in electric power projects; and continued adherence to Dominican initiatives to improve workers" rights. Additional cash transfers of $5 million each are expected in FY"s 1993 and 1994.