The Dominican Association of Pension Fund Administrators (ADAFP) He received the visit of the Mission of the International Monetary Fund (IMF) in the country, as part of the agenda that the agency made on the consultations of article IV, in which they participated Ricardo LlaudesChief of Mission, Nathaniel Arnold and Manuel Rosales.
In the meeting held at the headquarters of the ADAFP, its executive president, Kirsis Jáquez, presented the advances and challenges of the pension system, which in terms of accumulated heritage adds more than RD $ 1,180 billion, as well as on social protection and guarantee of rights, with benefits that have favored more than 495 thousand people.
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It was addressed on the impact of pension funds on macroeconomic stability, and in the financial and stock market sectors, which places it as the main long -term investor in the country, for financing and participation in companies and high -impact projects in the creation of formal jobs and the generation of national wealth.
The meeting highlighted the dynamism of recent years regarding the diversification of the portfolio of the pension funds administered by the AFPs towards the real economy, an element that was highlighted by the IMF delegation as a key to the country’s growth and development.
It was also about the challenges that informality represents within the system and its social protection objectives, as well as the need for more instruments and financial vehicles. As for the improving opportunities that the system has, specific adjustments were identified that will increase coverage, improve pensions and maintain the relevance of savings.
