Dominican Republic Renegotiates Debt

The Dominican Republic has renegotiated $950 million in foreign bonds as part of an International Monetary Fund-backed debt restructuring plan. The debt represents more than 90 percent of the $1.1 billion in sovereign bonds that the government has been trying to renegotiate with the Paris Club and other foreign creditors. One set of bonds worth $500 million, which had been set to expire in 2006, will now expire in 2011. Another $600 million in bonds that had been set to expire in 2013 are being swapped for debt that will expire in 2018.