DR1: IDB Sees Progress

The Inter-American Development Bank (IDB) representative in the Dominican Republic, Moises Pineda, visited the Presidential Palace yesterday and told reporters that the international financial institution had seen "great progress" since the initiation of the program of sustained capitalization and for the strengthening of the banking sector. In another statement to the press, Pineda called for an end to government subsidies and an intense effort to "focus" government efforts to put subsidies in the hands of those who need them the most. Pineda said that it didn't make any sense to continue with a generalized subsidy that allowed people to waste electricity. Referring to other local issues, Pineda said that the fraudulent operations within the banking community had to be pursued with more vigor by the government authorities, although he admitted that each government works at its own pace. The IDB representat! ive praised the work of the Superintendent of Banks in the case of the Banco del Progreso, and he added that he felt that this case would mark a much-needed change in the system. Listin Diario said that Pineda spoke to reporters after signing some important agreements with Temistocles Montas, the Minister for Technical Affairs for the Presidency.