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1 (March 8, 2005)

handle is hein.crs/crsmthaaeec0001 and id is 1 raw text is: Order Code RS21718 Updated March 8, 2005 CRS Report for Congress Received through the CRS Web Dominican Republic: Political and Economic Conditions and Relations with the United States Clare M. Ribando Analyst in Latin American Affairs Foreign Affairs, Defense, and Trade Division Summary President Leonel Ferndindez of the Dominican Liberation Party (PLD), who served as president previously (1996-2000), took office on August 16, 2004. Press reports indicate that, seven months into his four-year term, President Femdindez 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 Ferndindez administration has struggled, however, to cope with rising crime rates and persistent electricity shortages. On December 28, 2004, President Femdindez signed a bill repealing a Dominican tax on drinks containing high fructose corn syrup, a major U.S. product, that had threatened the country's 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. Background The Dominican Republic occupies the eastern two-thirds of the Caribbean island of Hispaniola, which it shares with Haiti. A population of about 8.8 million occupy an area about the size of New Hampshire and Vermont combined. With a per capita income of $2,230, it is considered 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. Congressional Research Service + The Library of Congress

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