Santo Domingo.– The World Bank Board of Directors today approved an US$80 million loan for the Dominican Republic to support the country’s recovery efforts after Tropical Storms Noel and Olga.
“We have responded positively to the Dominican government request for support, because we understand the adverse social and economic impact that this kind of natural occurrences have in the countries of the region,” said Yvonne Tsikata, World Bank Director for the Caribbean.
“This financing will support the government’s efforts to alleviate the conditions of thousands of affected families,” Tsikata added.
The Emergency Recovery and Disaster Management Projectwill finance rebuilding and restoring physical assets in the electricity, irrigation and water supply sectors. In addition, it will support measures to mitigate potential effects of future emergencies.
At the end of 2007, the Dominican Republic was hit by two unexpected tropical storms that left thousands of families homeless. The storms also damaged crops and destroyed roads, bridges, as well as important electricity infrastructure and irrigation systems. In that sense, the new loan will contribute to the rehabilitation efforts and to strengthen the management capacity of key government institutions.
The new initiative seeks to restore irrigation, electricity, water, and sanitation infrastructure damaged by Tropical Storms Olga and Noel, as well as improve the capacity of the National Institute of Hydraulic Resources (INDRHI) and the Dominican Corporation of State Electrical Companies (CDEEE) for future risk management.
This US$80 million fixed-spread loan from the International Bank for Reconstruction and Development (IBRD) is repayable in 30 years, including five years of grace.
From: Cuba, it is a secret the censors are looking for me
good morning Josean who posted your bail?
Written by: juanb, 3 May 2008 7:26 AM
From: Dominican Republic
This type of help was unavailable to us during the previous PRD administration.
Written by: josean, 3 May 2008 8:23 AM
From: United States
“We have responded positively to the Dominican government request for support"
Now begging for more loans and indebting future generations is something the PLDistas are proud of!
Written by: josean, 3 May 2008 9:20 AM
From: United States
From: Cuba, it is a secret the censors are looking for me
yes josean unlike your buddy hippo who did not even have a policy he just stole what was not nailed down
Written by: DennisC, 3 May 2008 12:52 PM
From: United States
josean, I should guess you were in a state of dementia during the period of 2000-2004 of the
PRD, if you were sane, then you would have known about all the debts our country was induced in that period of time.
Perhaps your man Guillermo Moreno could do better in his government that he will win starting the period 2060-2064, who knows, maybe he will be the Mesiah, but then again, we do not hold too much hope with some one with a last name like his.
From: Dominican Republic
Why are Some Dominicans living abroad, are so out of touch, with Reality in DR ?
From: Cuba, it is a secret the censors are looking for me
wheres Ruby still burning tires in Santiago?
From: United States
80 us million ?.. unreal.. what freaking bank is this going to? this world is so corrupt.. i guess the dominican puta rules?
Written by: josean, 5 May 2008 2:25 AM
From: United States
Written by: Poeta25, 5 May 2008 7:47 AM
From: Dominican Republic
Taking out loan after loan is not sound economic policy, especially in those quantities.
Another question, at what interest rate was the loan?
From: Cuba, it is a secret the censors are looking for me
you got that right...just ask Hippo.....and Hippo and the 40 thieves just stole the loans and built nothing except a disaster....but we wont have to worry about those guys { PLD ] for 20 years
From: Cuba, it is a secret the censors are looking for me
I forgot they also bought some Rolexes for Pepe with the loans
Written by: josean, 5 May 2008 10:36 AM
From: United States
Now lets be accurate, only 39 thieves; Johnny Ventura joined the dark side, "Lie-onel" Fernandez and the PLD!
From: Cuba, it is a secret the censors are looking for me
sorry josean 39 thieves
Written by: DennisC, 5 May 2008 12:53 PM
From: United States
gouletcolonial:
I believe we have been misslead by Josean in some way, he could be praying for his candidate of last name MORENO, see as in Haiti, to win someday elections in our country, and get two things for him, be himself one of the 39 thieves, and try to join Haiti with us.
Josean, none of that will ever happen, and we will have our own private thieves, which you want so bad be part of .
From: Cuba, it is a secret the censors are looking for me
could be Josean is diabolical
Written by: josean, 5 May 2008 4:50 PM
From: United States
666
Written by: josean, 5 May 2008 4:57 PM
From: United States
"and try to join Haiti with us"
I hate to break to you "John Kenneth" but Haiti is already joined with us!
At least on the maps I have been looking at lately!
Written by: DennisC, 5 May 2008 5:26 PM
From: United States
Josean:
And I hate to break it to you, we could be close but not together,
we could be join in the map, but separated by frontiers, languages and cultures,
course, you would love to see it otherwise, but no, still are a few patriots that oppose
anything that have to do with the neighboring country good only to destroy everything,
they are the modern meaning of Athila, who destroyed all he went through.
From: Dominican Republic
Goulet...soory to disagree but "steal anything that is not nailed down" sounds like a policy to me.
DennisC - so no one is confused. I do not support Hippo (boorish brute) but if we are going to criticize him effectively citing the increase in foreign debt during his administration is not the way to do it. When he took over, the country was way under financed. Currently the foreign debt situation is Ok...aceptable...in terms of volume. Where people get confused when they hear the economists being nervous (and what bothered us about Hippo's debt increases) is not HOW MUCH the debt is but WHAT it is spent on. For instance, if you spend $5k on your credit card to buy the raw materials you need to fulfil your $10k contract to cater a wedding....no big deal....but you spend $1k on your credit card at the casino next the the reception hall where the wedding is held....big deal!
From: Dominican Republic
Right now the foeriegn debt situation is Ok in terms of sheer volume. The problem is that debt was incurred in non-producive spending; artificually sustaining the FX rate, metro, re-election, etc. and very little of it was spent in the areas where the country could make some money; agriculture, roads, manufacturing, export.
If things were to stay as they are things should be fine, but they won't. US tourism is going to fall, remitinces are going to fall, free zone exports to US are going to fall, and after elections goernment spending is going to fall. Result; 2008-9 the peso is going to fall and our abilit to pay the foreign debt will fall.
That's when the real feces will hit the fan.
From: Cuba, it is a secret the censors are looking for me
your equation is correct Maldito but much of the current gloom and doom about the economy is exaggerated just like global warming in this case it is exaggerated for election purposes as an issue ...let us hope their wishes do not come true ...and we have a short dip and a quick recovery
Written by: josean, 6 May 2008 10:57 AM
From: United States
Written by: josean, 6 May 2008 12:06 PM
From: United States
Written by: BLANCO, 7 May 2008 10:39 AM
From: Dominican Republic
80 million let's see an honest 20% to switzerland... 10% to bermuda......20% to the jersey islands....... 40 million to dr..........10% to obras publico......10%to political funds....balnce to god know where!!!!! you get the idea,,,where did all the money and goods go after noel and olga ame and passed..I know and you know....not to the people
From: Dominican Republic
I'm sorry to have to disagree with you goulet & josean. I wish I could say it is exaggerated. What I was trying to say was, "You think things are bad now ?!? Just wait until July!" and then in July I can say, "You think things are bad NOW?!? Just wait until 2009!"
My point about the foreign debt is that it is statistically speaking right now at about the upper limit of what is recommendable and safe for a developing economy. IF it had been created by investing in productive activities. Unfortunately however it has not been invested so and we are about to begin the very type of economic crisis that economists tell us to put our economies in shape to survive...and we haven't.
The subsidy clock is ticking. There is not enough money left to maintain the food and fuel subsidies even for the extra two months it would take for LF to fake his way through a second round. I'm no LF fan but the last thing I want to see is a change and instability over the next two years.
From: Dominican Republic
Don't all you PRD quacks jump on that last statement and twist it to think that I am saying that either Miguel klepto or Hipolito dumb-dumb are any better. I've said it before and I will say it again:
What we need is a dumb-f$#& monkey who will sit in the Palacio, eat bananas and throw his own shit for four years while the people and the private sector get this mess straightened out.
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Now begging for more loans and indebting future generations is something the PLDistas are proud of!
No wonder they are out there begging for money!
http://www.listin.com.do/app/article.aspx?id=57377
PRD, if you were sane, then you would have known about all the debts our country was induced in that period of time.
Perhaps your man Guillermo Moreno could do better in his government that he will win starting the period 2060-2064, who knows, maybe he will be the Mesiah, but then again, we do not hold too much hope with some one with a last name like his.
Read on:
http://www.listin.com.do/app/article.aspx?id=57607
Another question, at what interest rate was the loan?
I believe we have been misslead by Josean in some way, he could be praying for his candidate of last name MORENO, see as in Haiti, to win someday elections in our country, and get two things for him, be himself one of the 39 thieves, and try to join Haiti with us.
Josean, none of that will ever happen, and we will have our own private thieves, which you want so bad be part of .
I hate to break to you "John Kenneth" but Haiti is already joined with us!
At least on the maps I have been looking at lately!
And I hate to break it to you, we could be close but not together,
we could be join in the map, but separated by frontiers, languages and cultures,
course, you would love to see it otherwise, but no, still are a few patriots that oppose
anything that have to do with the neighboring country good only to destroy everything,
they are the modern meaning of Athila, who destroyed all he went through.
DennisC - so no one is confused. I do not support Hippo (boorish brute) but if we are going to criticize him effectively citing the increase in foreign debt during his administration is not the way to do it. When he took over, the country was way under financed. Currently the foreign debt situation is Ok...aceptable...in terms of volume. Where people get confused when they hear the economists being nervous (and what bothered us about Hippo's debt increases) is not HOW MUCH the debt is but WHAT it is spent on. For instance, if you spend $5k on your credit card to buy the raw materials you need to fulfil your $10k contract to cater a wedding....no big deal....but you spend $1k on your credit card at the casino next the the reception hall where the wedding is held....big deal!
If things were to stay as they are things should be fine, but they won't. US tourism is going to fall, remitinces are going to fall, free zone exports to US are going to fall, and after elections goernment spending is going to fall. Result; 2008-9 the peso is going to fall and our abilit to pay the foreign debt will fall.
That's when the real feces will hit the fan.
Good analysis!
It appears that you and I and the rest of the world are part of the "much of the current gloom and doom about the economy is exaggerated " crowd!
But you see facts are stubborn things!
Read on:
http://biz.yahoo.com/ap/080506/earns_switzerland_ubs.html?.v=3
http://apnews.myway.com/article/20080506/D90G213G1.html
http://biz.yahoo.com/ap/080506/oil_200.html?.v=1
Nevertheless, full speed ahead into the iceberg!
http://biz.yahoo.com/ap/080506/oil_prices.html?.v=14
My point about the foreign debt is that it is statistically speaking right now at about the upper limit of what is recommendable and safe for a developing economy. IF it had been created by investing in productive activities. Unfortunately however it has not been invested so and we are about to begin the very type of economic crisis that economists tell us to put our economies in shape to survive...and we haven't.
The subsidy clock is ticking. There is not enough money left to maintain the food and fuel subsidies even for the extra two months it would take for LF to fake his way through a second round. I'm no LF fan but the last thing I want to see is a change and instability over the next two years.
What we need is a dumb-f$#& monkey who will sit in the Palacio, eat bananas and throw his own shit for four years while the people and the private sector get this mess straightened out.