SANTO DOMINGO. - The Minister of Hacienda on Tuesday said January was a difficult month with 19.1 million pesos in revenue, 1.32 billion less than the RD$20.45 billion expected.

Vicente Bengoa said revenue from the 16 percent tax on petroleum derivatives was RD$500 million less than expected, as oil prices fell significantly.

Customs income of 1.47 billion pesos was also 30 percent less than expected for January, he said, adding that since February is the shortest month it will also be difficult Government revenue, as real income is normally less.

The official warned his colleagues that it could be difficult to disburse funds even if they figure in the Budget.

He noted that Budget law 423-06 stipulates that budgetary appropriations are subject to the availability of estimated income, for which only what is collected will be allocated.

Bengoa said the Dominican economy underwent the most severe external shock of the last 20 years, equal to 10 percent of the Gross Domestic Product. “All this is because in the first half of 2008 oil prices increased to over 140 dollars per barrel and the unprecedented increase in imported foods and agricultural materials, were an external shock that brought about a deficit in the current account of the balance  payments surpassing 10 percent of the GDP.”