Lower Chamber president Abel Martinez. File photo.
SANTO DOMINGO. - The Chamber of Deputies on Tuesday passed the bill to add RD$71.5 billion (US$1.8 billion) to this year’s Budget and authorize the Treasury to issue a US$$500.0 million bond for the electricity’s sector subsidy.
The lawmakers heard the commission’s report prior to approval with 94 votes for to 22 against.
Deputy and senior opposition PRD party leader Alberto Atallah warned that the legislation would bring serious micro and macroeconomic consequences, forecasting a RD$93.0 billion deficit by yearend.
Of the RD$71.5 billion total, RD$8.3 billion will be allocated to the presidency; RD$ 21.9 billion to Public Works, and RD$21.0 billion to Public Health and the Treasury.
Written by: juanb, 17 Jul 2012 3:23 PM
From: Dominican Republic
Borrow. Borrow Borrow.
Steal. Steal. Steal.
Waste. Waste. Waste.
Repeat as often as you can.
Written by: josean, 17 Jul 2012 4:00 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
The Begining of the END!
From: United States, Brooklyn
You've been disappointed before Josean, so I'm sure it won't hurt when the Dominican people rise above your expectations!
Written by: josean, 17 Jul 2012 9:40 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Dominican people are GREAT, with the exception of IDIOTS like you who support the PLD although you lost in NYC!
Written by: josean, 17 Jul 2012 9:52 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Welcome to the Dominican Republic of PURPLE DEBT!
"Lots of red ink in Dominican Republic finance"s
The country's public and foreign debt is growing by the day, as is the fiscal deficit, which economists and businesspeople are projecting will close the year above the RD$100 billion mark. The public debt, measured from December 2011 to May 2012, has increased by 4.6%, without counting the US$290 million or the US$500 million in bonds for the electricity sector within the complementary budget, which are awaiting final approval in Congress.
continued:
Written by: josean, 17 Jul 2012 9:53 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
As of May, the public debt, which is made up of the country's foreign debt and its internal debt, increased by US$808.8 million compared to December 2011, due to the fact that it went from US$16.59 billion to US$17.40 billion, according to the statistics from the Ministry of Hacienda's General Directorate for Public Credit. This public debt represents 30.9% of the nominal GDP (Gross Domestic Product) estimated at US$56.32 billion by the Ministry of Hacienda's Fiscal Policy Unit. At the same time the foreign debt, which includes multilateral, bilateral, by commercial banks, by bonds and suppliers, increased by US$786.2 million, which represents a 6.3% increase, going from US$11.63 billion to US$12.41 billion. The foreign debt represents 22% of the estimated nominal GDP.
continued:
Written by: josean, 17 Jul 2012 9:55 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Within the foreign debt, the largest part is that of the central government, which as of May of this year reached US$12.61 billion, for an absolute increase of US$786.1 million or 6.3% in relation to December 2011 when it closed at US$11.62 billion.
To a lesser degree there are the bilateral and multilateral debts. The first, which the government carried out government to government and as of May of this year has reached US$5.33 billion, some US$676 million more than in December 2011, with the greatest debt to Venezuela, which in March of this year was US$2.66 billion. Then there is the multilateral debt, which is the debt that the government has with organizations like the Inter-American Development Bank (IDB) or the World Bank. This increased by US$127 million after closing at US$4.27 billion in May. In the meantime, the internal debt increased by US$22.7 million from December 2011.
Continued:
Written by: josean, 17 Jul 2012 9:56 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
By May it had gone from US$4.97 billion to US$4.99 billion. The internal debt represents 8.9% of the nominal GDP, according to the official report.
DR1
Written by: NYGuy35, 18 Jul 2012 2:20 AM
From: United States
Josean - you should call it purple ink not red ink.
Written by: josean, 18 Jul 2012 7:04 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Agreed!
Unfortunately I didn’t write the headline and most Dominican Newspapers Have no balls to call a Spade a Spade!
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Borrow. Borrow Borrow.
Steal. Steal. Steal.
Waste. Waste. Waste.
Repeat as often as you can.
The Begining of the END!
Dominican people are GREAT, with the exception of IDIOTS like you who support the PLD although you lost in NYC!
Welcome to the Dominican Republic of PURPLE DEBT!
"Lots of red ink in Dominican Republic finance"s
The country's public and foreign debt is growing by the day, as is the fiscal deficit, which economists and businesspeople are projecting will close the year above the RD$100 billion mark. The public debt, measured from December 2011 to May 2012, has increased by 4.6%, without counting the US$290 million or the US$500 million in bonds for the electricity sector within the complementary budget, which are awaiting final approval in Congress.
continued:
As of May, the public debt, which is made up of the country's foreign debt and its internal debt, increased by US$808.8 million compared to December 2011, due to the fact that it went from US$16.59 billion to US$17.40 billion, according to the statistics from the Ministry of Hacienda's General Directorate for Public Credit. This public debt represents 30.9% of the nominal GDP (Gross Domestic Product) estimated at US$56.32 billion by the Ministry of Hacienda's Fiscal Policy Unit. At the same time the foreign debt, which includes multilateral, bilateral, by commercial banks, by bonds and suppliers, increased by US$786.2 million, which represents a 6.3% increase, going from US$11.63 billion to US$12.41 billion. The foreign debt represents 22% of the estimated nominal GDP.
continued:
Within the foreign debt, the largest part is that of the central government, which as of May of this year reached US$12.61 billion, for an absolute increase of US$786.1 million or 6.3% in relation to December 2011 when it closed at US$11.62 billion.
To a lesser degree there are the bilateral and multilateral debts. The first, which the government carried out government to government and as of May of this year has reached US$5.33 billion, some US$676 million more than in December 2011, with the greatest debt to Venezuela, which in March of this year was US$2.66 billion. Then there is the multilateral debt, which is the debt that the government has with organizations like the Inter-American Development Bank (IDB) or the World Bank. This increased by US$127 million after closing at US$4.27 billion in May. In the meantime, the internal debt increased by US$22.7 million from December 2011.
Continued:
By May it had gone from US$4.97 billion to US$4.99 billion. The internal debt represents 8.9% of the nominal GDP, according to the official report.
DR1
Agreed!
Unfortunately I didn’t write the headline and most Dominican Newspapers Have no balls to call a Spade a Spade!