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1 1 (April 1, 2008)

handle is hein.crs/crsaika0001 and id is 1 raw text is: Order Code RS21718 Updated April 1, 2008 Dominican Republic: Political and Economic Conditions and Relations with the United States Rebecca G. Rush and Clare Ribando Seelke Analysts in Latin American Affairs Foreign Affairs, Defense, and Trade Division Summary President Leonel Fernindez of the Dominican Liberation Party (PLD), who served as president previously (1996-2000), took office again on August 16, 2004 and is running for reelection on May 16, 2008. Since taking office, President Fernindez has presided over a period of rapid economic growth, enjoys continued popular support, and has a majority in both legislative chambers. He has enacted fiscal reforms and restored investor confidence in the Dominican economy, but also suffered setbacks stemming from an alleged financing scandal and criticism of the government's response to two tropical storms in late 2007. Fernindez is the favored candidate in the May 16, 2008 presidential race, enjoying a significant lead over his chief opponent, Miguel Vargas Maldonado of the Dominican Revolutionary Party (PRD). With the March 2007 implementation of the U.S.-Dominican Republic-Central America Free Trade Agreement (CAFTA-DR), observers expect a rise in foreign investment in the Dominican Republic in 2008. This report will be updated. Background The Dominican Republic occupies the eastern two-thirds of the Caribbean island of Hispaniola, which it shares with Haiti. A population of almost 9.4 million occupies an area about the size of New Hampshire and Vermont combined. With a per capita income of $2,850, it is considered by the World Bank to be a lower middle-income country. After fighting to achieve its independence from Spain in 1821 and then Haiti in 1844, the Dominican Republic embarked upon a bumpy road toward its current democratic form of government, characterized by long episodes of military dictatorship and frequent coups. Political Situation During the 1990s, the Dominican Republic posted rapid economic growth and developed stronger democratic institutions. The Pact for Democracy in 1994 paved the way for free and fair elections by removing the aging Joaquin Balaguer, a six-term

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