Spanish
The Dominican Republic and the Inter-American Development Bank (IDB) signed a letter of intent that will serve to support the country's entry into the Organisation for Economic Co-operation and Development (OECD), which is one of the Government's objectives to continue promoting the integral improvement of the country and the quality of life of citizens.
The letter of intent was signed by the Vice Minister of Public Credit, María José Martínez, who represented the Minister of Finance and Economy, Magín Díaz, and Anabel González, Vice President of Countries and Regional Integration of the IDB.
The document expresses the will of both parties to work together to implement the good practices promoted by the OECD and opens the door to technical assistance and knowledge exchange in favor of the country.
As part of the agreements, it is established that the IDB will provide support in the design and development of reforms aimed at strengthening the priority areas defined by the Dominican State and that will contribute to the improvement of the quality of public policies, promoting transparency, productivity, environmental sustainability, social inclusion, and analytical support for decision-making.
Vice Minister Martínez highlighted that the signing of this letter of intent represents a relevant step in the process of institutional improvement of the country, since joining the OECD requires structural reforms in various areas ranging from transparency mechanisms, the socio-educational reality, economic policy to environmental protection.
"As Minister Magín Díaz recently indicated, the Government is committed to joining the OECD to take the country, not to the club of rich nations, but to the club of the best institutional and development practices," said the Vice Minister.
"Adhering to the OECD is a transformative process that helps countries adopt the organization's standards and best practices, thereby achieving better economic and social outcomes for the country and its citizens," highlights the organization's official website.
In that sense, membership in the organization allows members to adjust their policies on a global scale to promote economic efficiency, save resources, and is an "unequivocal signal to international and national investors that their public policies are in line with the main standards and best practices of the OECD in areas such as corporate governance, the fight against corruption, investment, competition, financial markets and public governance."
About the IDB Annual Meetings
The Annual Meetings at which the letter of intent was signed bring together the Boards of Governors of the IDB and IDB Invest 2026 from March 11 to 14 in Paraguay, which bring together the main economic and financial leaders of the 48 member countries of the Group and the private sector, which address the key challenges and opportunities in Latin America and the Caribbean. This year includes the 66th Annual Meeting of the IDB Board of Governors and the 40th Annual Meeting of the Board of Governors of IDB Invest, the private sector arm of the IDB Group.
