His reputation as a financier helped him to become president with the support of the military who had taken part in the conspiracy against the previous president. They appointed General
Horacio Vásquez as vice president. He was implicated in the murder of Heureaux and Jimenes had a tense relationship with him. The opposition between the two polarized the political life of the country, which was divided between Jimenistas and Horacistas (also called bolos and colúos, respectively, using the jargon of the popular cockfights). Jimenes inherited the exorbitant foreign debt accumulated during his predecessor's term of office, the total amount of which had been kept hidden until then. The country's financial situation was catastrophic: customs revenues were in the hands of foreign capital and administrators, who controlled a large part of the treasury's resources. In an attempt to reestablish government control over financial administration, Jimenes abolished export taxes and decreed the expulsion of foreign personnel who controlled customs. He negotiated directly with the country's European and American creditors. With the former he managed to reach an agreement on the debt, but with the United States (represented by the powerful Santo Domingo Improvement Company) all his efforts were in vain. At the same time, the country suffered continuous revolts and military uprisings. In April 1902 he was deposed by a movement led by Vice President Horacio Vásquez. The following year, after Vásquez's fall, he tried to retake the government, but the Lilisistas got ahead of him and
Alejandro Woss y Gil took power. ==Second presidential term==