Santo Domingo.- Economy minister Temístocles Montas on Tuesday revealed that for yearend 2009 and the beginning of 2010 Dominican Republic will have received US$1.1 billion in foreign loans, as a complement to the National Budget.
He said the amount is the total from International Monetary Fund, World Bank and Inter-American Development Bank loans.
The official affirmed that the fall in revenue already surpasses RD$19 billion and debt is the Government’s only alternative to confront the crisis. “The Government must strive so the economy grows again.”
Montas also revealed that the debts of the Central Bank, and the internal national debt reach 12 billion dollars.
He said from the sagging income tax revenue will represent around 13 percent of the Gross Domestic Product this year, though an improvement is expected for next year when the crisis ends.
Written by: juanb, 27 Oct 2009 11:08 AM
From: Dominican Republic
I will gladly pay you on Tuesday for a hamburger today.
From: Dominican Republic, No Spin Zone
The politicos will soon be showing up with their wheel barrows to fill with cash ......
Written by: josean, 27 Oct 2009 11:19 AM
From: United States
The PLD economic policy:
Loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans, so we can pay off some of the intrest on our loans until we can get more LOANS!
Y no era Pa' Lante Que Ibamos?
Written by: molloy, 27 Oct 2009 11:30 AM
From: United States
no josean eh pa tras que vamos como la mochila de Dora. lol
funny everytime i go to DR it's always cono no hay dinero! but there sure are alot of 100k dollar jipetas in the streets, gotta love it!
Written by: josean, 27 Oct 2009 11:37 AM
From: United States
molloy,
These guys are playing with fire; there is a real frustration and end of the rope feeling starting to take hold among the masses. The corruption and abuse of power must stop or the powder keg may ignite and it wouldn't take much.
From: United States, FREEPORT, Long Island.... (Look, beyond the words)
it will be even a better IDEA if Leo pays back all debts that doesn't make scense with that 1.1 bil. But, to even think that DR owes more than 15billion dollars(RD 5.5 Trillion Peso) is very frightening.
Written by: josean, 27 Oct 2009 11:49 AM
From: United States
LIE-onel Fernandez and his cohorts know they are going to be out of power soon and they are hording all the nuts they can like squirrels preparing for the long winter, in their case out of power.
The thievery is in HIGH GEAR!
Written by: xwill7, 27 Oct 2009 11:50 AM
From: United States, El cuarto bate
but the metro will still be running
Written by: molloy, 27 Oct 2009 12:09 PM
From: United States
love these comments. i recently discovered this web via a cousin of mine. i started reading the comments which are very colorful. I as an american, born and raised, love DR. it's a shame that it is in the wrong hands as far as leaders, at one point i thought Leonel would do good to the country but alot of you have opened my eyes to the truth. Keep the comments coming! And May God Bless the DR becasue we all know we need it!
Written by: josean, 27 Oct 2009 12:12 PM
From: United States
Welcome molly!
Many of us were also fooled by LIE-onel Fernandez as well, so don’t feel bad.
Written by: xwill7, 27 Oct 2009 12:20 PM
From: United States, El cuarto bate
I was not fooled. Don't you know that common sense says to never belive a DR politico??? You dropped the ball josean
Written by: josean, 27 Oct 2009 12:33 PM
From: United States
x
I am usually very cautious with any politician, but because Dr. Bosch endorsed him, my respect for Don Juan made me give LIE-onel Fernandez the benefit of the doubt, but like Guillermo Moreno, I too bailed out early.
Once I saw him surrounded himself with Trujillistas and Balageritas I knew he had betrayed Don Juan and more importantly the Dominican Republic!
Written by: xwill7, 27 Oct 2009 12:43 PM
From: United States, El cuarto bate
I never belive any... they are all salesman working for the $$$
Written by: josean, 27 Oct 2009 12:46 PM
From: United States
What do you propose for leadership or type of governing structure then x?
Written by: xwill7, 27 Oct 2009 1:01 PM
From: United States, El cuarto bate
I think that the other system used in cuba is no good. This system is the best but outside monitors are needed
Written by: josean, 27 Oct 2009 1:13 PM
From: United States
"This system is the best but outside monitors are needed "
Please define what you mean by outside monitors?
From: Dominican Republic, No Spin Zone
Written by: dominica, 27 Oct 2009 1:18 PM
From: United States
Josean,
I agree with you there on the loan part. This is another loan already added to the numerous ones received previously. I'm not so sure about borrowing so much money on top of the already massive debt and so little to show for it. Starting to smell a bit Madoffishy.
From: Dominican Republic, No Spin Zone
dominica my little chikadee be extremely careful of who you associate with josean is a very trashy person and is only after one thing .......so be on guard ...and remember you can always depend on old blue to get you through
Written by: josean, 27 Oct 2009 3:27 PM
From: United States
From: Dominican Republic, vieja Santo Domingo
We do not know the details of these loans but if they came as a result of the London economic meeting earlier in the year ,the interest rates and the payment conditions will be very good for the DR .We do not know what conditions were placed on the DR government before the IMF and the world bank gave the loans but I should imagine they involved the DR government getting the power industry under control amongst other things .
I wrote in another article that the level of public debt is not dangerously high when compared to other developing countries and also when compared to some developed countries such as Japan , Germany , UK and the USA..At around the 50% of GDP level , our public debt does not look too excessive and if we want progress then we just have to borrow .
From: Dominican Republic, No Spin Zone
Redistribution of Wealth
" Joseans ,Coco Lopez ,Dag and the other pinkos Manifesto "
Act of returning world's resources to rightful owners, the People. Must be performed regardless of one's input in order better to erase the false concept of private property. It is constantly under attack by the right-wing ideologues for threatening capitalism's vile celebration of self-interest and individualism. A model of a world-wide wealth redistribution system is being successfully implemented by the United Nations. Equitable society of the future will have no redistribution of wealth because there will be nothing to distribute. The government, the People's only employer, will have a simple distribution system that will reward obedience and punish dissent.
Written by: dominica, 28 Oct 2009 9:51 AM
From: United States
Ricardolito,
that is correct. However, the develop nations at the current moment do not represent a good model to go on. The US has massive debts that need no explanation. Japan, I think you should already know their story also. The stimulus packages that these countries have issued are programs that were needed but at an expense that left them weaker than before. I think Warren Buffett explains it best when he says, "Be fearful when others are greedy and greedy when others are fearful." Investments are definitely needed and its been an ongoing debate that I tend to agree with. However, the debt should be tempered a bit since it could deteriorate future prosperity as has been shown in Latin America of the past. 50% of GDP is akin to someone getting docked half their check for some furniture they just purchased at a great deal. Never mind the other bills that's just furniture. In the end, the whole check will go on bills with no savings available.
Written by: josean, 28 Oct 2009 1:14 PM
From: United States
If we could only redistribute BRAINS!
Written by: dominica, 28 Oct 2009 2:20 PM
From: United States
by the way, there is a very interesting presentation on www.cnbc.com on the link i have below. It shows the greatest debtor nations in the world. Oh, and DR is not included. Lol. Not that they shouldn't be but its mainly because the nations that are there have billions in debt. DR's economy couldn't sustain that much money in debt since its such a small country so most of the countries listed are developed and developing nations.
http://www.cnbc.com/id/30308959From: Dominican Republic, No Spin Zone
when God was handing out brains josean thought he said trains and he missed his
Written by: josean, 29 Oct 2009 8:04 PM
From: United States
Comedy here has to be at least above the second grade level!
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Loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans,loans, so we can pay off some of the intrest on our loans until we can get more LOANS!
Y no era Pa' Lante Que Ibamos?
funny everytime i go to DR it's always cono no hay dinero! but there sure are alot of 100k dollar jipetas in the streets, gotta love it!
These guys are playing with fire; there is a real frustration and end of the rope feeling starting to take hold among the masses. The corruption and abuse of power must stop or the powder keg may ignite and it wouldn't take much.
The thievery is in HIGH GEAR!
Many of us were also fooled by LIE-onel Fernandez as well, so don’t feel bad.
I am usually very cautious with any politician, but because Dr. Bosch endorsed him, my respect for Don Juan made me give LIE-onel Fernandez the benefit of the doubt, but like Guillermo Moreno, I too bailed out early.
Once I saw him surrounded himself with Trujillistas and Balageritas I knew he had betrayed Don Juan and more importantly the Dominican Republic!
Please define what you mean by outside monitors?
I agree with you there on the loan part. This is another loan already added to the numerous ones received previously. I'm not so sure about borrowing so much money on top of the already massive debt and so little to show for it. Starting to smell a bit Madoffishy.
Here is a picture of Banistan, you decide who is "Very Trashy!"
http://www.dominicantoday.com/dr/....-off-convicted-Dutch-sex-offender
I wrote in another article that the level of public debt is not dangerously high when compared to other developing countries and also when compared to some developed countries such as Japan , Germany , UK and the USA..At around the 50% of GDP level , our public debt does not look too excessive and if we want progress then we just have to borrow .
" Joseans ,Coco Lopez ,Dag and the other pinkos Manifesto "
Act of returning world's resources to rightful owners, the People. Must be performed regardless of one's input in order better to erase the false concept of private property. It is constantly under attack by the right-wing ideologues for threatening capitalism's vile celebration of self-interest and individualism. A model of a world-wide wealth redistribution system is being successfully implemented by the United Nations. Equitable society of the future will have no redistribution of wealth because there will be nothing to distribute. The government, the People's only employer, will have a simple distribution system that will reward obedience and punish dissent.
that is correct. However, the develop nations at the current moment do not represent a good model to go on. The US has massive debts that need no explanation. Japan, I think you should already know their story also. The stimulus packages that these countries have issued are programs that were needed but at an expense that left them weaker than before. I think Warren Buffett explains it best when he says, "Be fearful when others are greedy and greedy when others are fearful." Investments are definitely needed and its been an ongoing debate that I tend to agree with. However, the debt should be tempered a bit since it could deteriorate future prosperity as has been shown in Latin America of the past. 50% of GDP is akin to someone getting docked half their check for some furniture they just purchased at a great deal. Never mind the other bills that's just furniture. In the end, the whole check will go on bills with no savings available.
http://www.cnbc.com/id/30308959