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SANTO DOMINGO.- Hacienda minister Vicente Bengoa on Monday said the government expects a revenue shortfall of as much as 22 billion pesos (around US$700 million) until December, which he called the highest in modern Dominican economic history.
He revealed that the World Bank and the Inter-American Development Bank (IDB) refused to disburse US$690 million to the Government as a way to force it into signing with the International Monetary Fund (IMF).
However the official warned that if it doesn’t sign the government would be “cornered” and admitted that it’s “an extremely bitter drink” to have tell president Leonel Fernandez that he has to sign with the IMF.
Bengoa reiterated that the IMF and other international organisms are a swindle, noting that they haven’t done anything to ease the United States economic crisis, which Dominican Republic has been victim of, “imports fell, collections fell, they don’t want to disburse to us and now they come as directors.”
Interviewed in the program Hoy Mismo, the official said to disburse the US$700 million it was originally never considered necessary to resort to the IMF, whereas to tax revenue “not even a wizard could determine that that was going to happen. And what’s most important, the Fund, is for the first time in Latin America, going to disburse 450 million dollars, 300 this year, and 150 next year, which are going to go directly to Hacienda for budgetary support.”
Bengoa added that the only exception in the world, is in Pakistan, where it disbursed the funds directly to Hacienda last August, because it’s always the Central Bank, or the Reservas Bank.
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As dread would no doubt agree they are just wolves in sheeps clothing.
I've said it before and I'll say it again the IMF and IDB are not to be trusted, do not be mislead by media or some misguided souls. People wake up and do some homework. At least those in the US, because I am sure that when local people hear that the government is getting a loan and they don't see a penny of improvement in their surroundings they know, but some dominican-americans are lost and believe that the loans are a sign of good things to come.
Dios Patria y Libertad
The DR politicians especially Leonel and his cronies beleived for the longest time that they are immune to having to sign. When actually in reality it is not the signing that bothers them its the required transparency the DR governmenst has to show in its financial dealings after receiving these funds.
Fire those fools that said that the DR would not be affected.
These guys can not even tie their own shoes.
Y No Era Pa' lante Que Ibamos?
The DR has enough money if properly mangaged not to need the help of anyone IMF and etc. but you can not keep doing stupid on someone elses "dime". Corruption is evil and in time it comes to your door. This is a fixable problem. Government should spend less and do more with the taxpayers money. We need not go out and say "the rich need to pay"; that would be foolish the rich do not pay anywhere. The issue is spending control and selling off government asset that would be run better by priviate business.
You don't have money. You've been spending like drunken sailors and grafting overtly and with impunity. You've been robbing the people and mortgaging the country. Now you worry about having to tell LF that he has to sign with IMF-what gull! What would be the problem? You afraid the known truth will come out and the world will know you've been grafting?
WTH, you have no money and, therefore, you have to get it anyway you can. You don't set the rules; you abide by them and, if you don't like them, then there is always someone like Chavez. You know that if you double cross him, then maybe he'll put hit on you and knock you out. Not that you wouldn't deserve it!
1) Electricity payment, most likely 1 billion USD
2) Quazi bank deficit from Banniter and the other bank debacle. That was another 1 billion USD. They never talk about this any more.
Two (2) billion in the hole and there is no sign that their entitled corruption mentality will EVER change.
These morons should be shot. period.
"He revealed that the World Bank and the Inter-American Development Bank (IDB) refused to disburse US$690 million to the Government as a way to force it into signing with the International Monetary Fund (IMF). "
IMF= International Moochers Fund