Vicente Bengoa gestures during the press conference.
Santo Domingo.- Senior Government officials met for three hours in the National Palace yesterday and agreed on the bill which would lead to the 2010 Budget of RD$378.9 billion (US$9.9 billion), RD$50 billion more than this year.
After the meeting Treasury minister Vicente Bengoa told the press that the Government’s estimated income is RD$263.03 billion and RD$115.96 billion from financing.
It will also receive US$350 million just from bilateral organisms, including US$150 million from the International Monetary Fund the investment projects with external financing, ranging from US$800 million to US$700 million.
Allotments
Bengoa said the Education Ministry will receive RD$37.43 billion, more than that of 2009 of RD$33.35 billion; whereas Public Health is assigned RD$35.96 billion, surpassing this year’s RD$30 billion.
Other departments to get budget increases are Public Works, from RD$19.8 billion to RD$29.7 billion, and the Presidency, with RD$43.7 billion, RD$8 billion more than in 2009.
Financing
“The Government will also receive US$260 million from Petrocaribe (oil accord) for next year and we’ll have a financing with the commercial bank; and we are going to issue bonds. This year we placed RD$18 billion in bonds; it’s the first time in history the Government issues bonds to finance the Budget," he said.
According to Bengoa, the Budget was calculated at an average exchange rate of 37.90 pesos per dollar and that it will be submitted to the Congress this week.
From: Dominican Republic, No Spin Zone
this is a PHOTO caption article ....let your imaginations run wild
From: Dominican Republic, No Spin Zone
Photo Caption............" It is only a teensy weensy bit larger than last year "
From: Dominican Republic, No Spin Zone
Photo Caption ..........".Josean you were seen skinny dipping "
Written by: juanb, 17 Nov 2009 8:46 AM
From: Dominican Republic
After the meeting Treasury minister Vicente Bengoa told the press that the Government’s estimated income is RD$263.03 billion and RD$115.96 billion from financing.
For those of us with a limited mental capacity allow me to explain what this mean. We will spend 100% of the government's income and borrow $115 BILLION pesos that sooner or later we will have to pay back. In other words we are spending (dare I say wasting) 43% more than we take in.
And most interestingly, these clowns are really proud of their "balanced" budget.
Written by: juanb, 17 Nov 2009 8:47 AM
From: Dominican Republic
Two brothers grow up to be senators in the DR. One is PLD, the other PRD. One day the PLD senator invites his brother over to his house for the first time in many years. The visiting brother can't believe how opulently his brother is living. When he asks his brother how he can afford to live at this level on a senator's salary his brother calls him over to the window. He points to a bridge in the distance. "See that bridge over there?" He points to his pocket and says, "10% for me".
6 months later the PLD senator is invited to his brothers house. When he gets there he realizes that this puts his house to shame. The size of the house, the gold ornaments, the number of servants are all something from a royal court. He asks his brother the same question that he was asked at his house. " How can you live like this on a senator's salary?" He, in turn, calls his brother over to the window and says, "See that bridge over there?" His brother
Written by: juanb, 17 Nov 2009 8:48 AM
From: Dominican Republic
looks and looks and finally says, "What bridge, I don't see a bridge". His brother points to his pocket and says, "100%".
Written by: Juango, 17 Nov 2009 11:23 AM
From: United States, far S. Florida (formerly Santo Domingo)
Bengoa is announcing, "Unlike the PRD, we are only screwing the pueblo, this much".
As a percentage of the budget increase, public works gets a 50% incresase vs education which receives a mere 10% bump. I guess that more can be skimmed from Public Works projects, than from the Education funded projects. As said before by others, these TURKEYS wear their Entitlement of Corruption as a Badge of Honor. The only hope remaining, is a benevolent Dictator (strong hand), who will prosecute and have public executions (crimes against the State) of all corrupt public officails. The DR needs to rid itself of those who feel it is their duty to ripp-off the country !
Written by: josean, 17 Nov 2009 2:24 PM
From: United States, Show your Love for DR Vote AGAINST the PLD!
Written by: Blutarsky, 17 Nov 2009 8:07 AM
From: United States, Faber College Double Secret Probation
Photo Caption ..........".Josean you were seen skinny dipping "
Its only PURE WHITE guys like pepe 32 who have that embarrassing problem when confronted with cold waters.
From: Dominican Republic, vieja Santo Domingo
You cannot have a balanced budget at times like this or in a country that wants to improve it's services in a reasonably short time and so we borrow just like other countries but hopefully on good terms
From: United States, Brooklyn
Do the math... $37.90 X 9.9 Billion US Dollars = 375.2 Billion RD Peso.... The budget is 378.9. That leaves a GAP OF 3.7 Billion Peso up for grabs....
CORRUPTION!
Written by: josean, 17 Nov 2009 5:33 PM
From: United States, Show your Love for DR Vote AGAINST the PLD!
Ricardolito,
LIE-onel Fernandez must have a picture of you next to his night table!
From: United States, words of wisdom from the nutcracker
the dominican republic is taking the barack obama approuch, borrow and borrow more money until theres nothing left more to borrow and thats when you have to become another socialist country
From: United States, Fresh Water Paradise-NY Finger Lakes
Juanb,
Thanks for simple math explanation....it should really help many of the more math & general reason-challenged contributors.
Problem with DR is that the measure of everything good with country and economy is how many pretty avenues we have and how many nice buildings. They really don't care where money comes from or how we my pay it back.
I find it absolutely disgusting that a small country with no other substantive industry than tourism would borrow 40% of its operating budget. It is precisely for this reason that the electrical energy situation and education will never be solved. Maybe best thing would really be for Russians to be provider of electrical energy. That way, at least, we will be forced to be fiscally conservative.
Ricardolito, are you related to LFR or are you part of his administration? Often times you seem to be his only supporter here, even when confronted with substantive information of mismanagement and corruption in his administration.
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For those of us with a limited mental capacity allow me to explain what this mean. We will spend 100% of the government's income and borrow $115 BILLION pesos that sooner or later we will have to pay back. In other words we are spending (dare I say wasting) 43% more than we take in.
And most interestingly, these clowns are really proud of their "balanced" budget.
6 months later the PLD senator is invited to his brothers house. When he gets there he realizes that this puts his house to shame. The size of the house, the gold ornaments, the number of servants are all something from a royal court. He asks his brother the same question that he was asked at his house. " How can you live like this on a senator's salary?" He, in turn, calls his brother over to the window and says, "See that bridge over there?" His brother
As a percentage of the budget increase, public works gets a 50% incresase vs education which receives a mere 10% bump. I guess that more can be skimmed from Public Works projects, than from the Education funded projects. As said before by others, these TURKEYS wear their Entitlement of Corruption as a Badge of Honor. The only hope remaining, is a benevolent Dictator (strong hand), who will prosecute and have public executions (crimes against the State) of all corrupt public officails. The DR needs to rid itself of those who feel it is their duty to ripp-off the country !
From: United States, Faber College Double Secret Probation
Photo Caption ..........".Josean you were seen skinny dipping "
Its only PURE WHITE guys like pepe 32 who have that embarrassing problem when confronted with cold waters.
Do the math... $37.90 X 9.9 Billion US Dollars = 375.2 Billion RD Peso.... The budget is 378.9. That leaves a GAP OF 3.7 Billion Peso up for grabs....
CORRUPTION!
LIE-onel Fernandez must have a picture of you next to his night table!
Thanks for simple math explanation....it should really help many of the more math & general reason-challenged contributors.
Problem with DR is that the measure of everything good with country and economy is how many pretty avenues we have and how many nice buildings. They really don't care where money comes from or how we my pay it back.
I find it absolutely disgusting that a small country with no other substantive industry than tourism would borrow 40% of its operating budget. It is precisely for this reason that the electrical energy situation and education will never be solved. Maybe best thing would really be for Russians to be provider of electrical energy. That way, at least, we will be forced to be fiscally conservative.
Ricardolito, are you related to LFR or are you part of his administration? Often times you seem to be his only supporter here, even when confronted with substantive information of mismanagement and corruption in his administration.