Manuel Labrado, Vicente Bengoa.
SANTO DOMINGO.- The Inter-American Development Bank (IDB) loaned the Dominican Government US$70 million for a project of the Social Policies Coordination Cabinet (GCPS).
Hacienda minister Vicente Bengoa and IDB representative Manuel Labrado signed the agreement for the loan to support the Social Protection Program, aimed at improving the education, health and nutrition of poor families.
In a statement the Hacienda Ministry said three-phase program includes US$65.4 million in conditional transfers to poor homes; US$4.0 million to bolster the institutional information systems; US$450,000 to evaluate impacts and innovations, and the remaining US$100,000 to administrative and audit expenses.
It said a disbursement of US$40 million is slated for this year and the remaining US$30 million in 2010. The term of financing will be 18 months, counted from the signing of the contract, and a total of 25 years, including a two year grace for the payment of the capital.
Written by: josean, 1 Oct 2009 3:24 PM
From: United States
How does borrowing your future away help any Dominican?
Written by: juanb, 1 Oct 2009 3:28 PM
From: Dominican Republic
Poor Dominican families to benefit from US$70M IDB loan.
Not as much as our politicians will benefits.
Written by: juanb, 1 Oct 2009 3:33 PM
From: Dominican Republic
Our National Motto:
I will gladly pay you Tuesday (with lots of interest) for a hamburger today.
What a brilliant political strategy the PLD has. Borrow, borrow, borrow, borrow. Lose the election in 2012 to Vargas. When the house of cards starts to collapse due to the exhorbitant interest amounts that we will be paying by then, it opens up the next election for the PLD. Maybe even LF again. Heaven help us.
From: Dominican Republic, Boca de Chavon
I am so glad that the poor souls living in wretched conditions will have a better life sooner rather than later and that the rich Dominicans will be helping this by paying back this loan over time ..maybe a million will be disappear in corruption but I definitely hope not ,,but at least all the rest will go to helping the less fortunate in our community .
Tragic that other people would rather see poor people die in poverty because they are opposed to borrowing
Written by: josean, 1 Oct 2009 3:54 PM
From: United States
Oh, I get it now Ricky, thank you so much for answering my question Mr. Economist, the Paul Krugman of DT!
I will be sending in your nomination to the Nobel Prize committee for your award in economics.
Be sure to highlight your theory about its ok for a million to disappear via corruption, I am sure that will win over votes.
From: United States
Who is kidding who here. We all know the corrupt officials will pocket as much as they can. Then the rest they will try to bleed to family and friends for future favors.More likely the poor people will be lucky to 0.01% of that money.
Written by: josean, 1 Oct 2009 4:10 PM
From: United States
VeronicaDR,
Now Ricky Romana is going to be angry at you for getting involved in his field of borrownomics, oops, I meant to say economics!
From: United States
Ricky, my poor misguided soul, go read the article again. read the first sentence. it states that the IADB lent THE DOMINICAN GOVERNMENT 70 Million dollars. what does that have to do with the poor? do you think that this is the first loan the government has gotten? did any of the others have any real effect? was there a recent election, and i missed it? did honest guys suddenly take over the government? you make nonsensical remarks like that, then get upset when Josean and i take you to task. the DR must have received a few dozen loans in the last 20 years, and we still have no electricity, no decent health care, leading to woeful infant mortality figures, and an education system which is among the worst on earth. do you believe that politicians finally found God?how? midnight visit from the Almighty? now their sins have been washed clean?
Written by: juanb, 1 Oct 2009 4:13 PM
From: Dominican Republic
From today's DR!:
Public debt is US$17.39 billion
Clave newspaper highlights that the public debt is now at US$17,396.2 million, according to figures from The Economist. In other words, every baby born in the DR comes into this world owing US$1,845.
Clave newspaper says that from January to September 2009 alone, the government approved new loans for US$897.2 million and EUR18.5 million, for US$924.14 million in US$ dollars.
The Economist also forecasts that the debt is rising. It indicates that for 2011, the public debt will have risen to US$19,355.2 million. By then the public debt will have grown from 41.22% of the Gross Domestic Product (2009) to 43.6% of GDP by 2011.
Written by: juanb, 1 Oct 2009 4:15 PM
From: Dominican Republic
More:
Economist Carlos Asilis told Clave that the levels of debt are a cause for concern. He told the newspaper that the "levels are very close to the ceiling of what the country can bear in the long term." He said that conservatively speaking, the debt could be at 50-55% of GDP. He says that this means that, "the days the Dominican state can continue improvising and applying patches to the Dominican economy will soon be over. He said the government only deals with public finances when its back is against the wall.
From: United States
You scum bag politicians.
LFs buddy Segura steals millions of US $ for his family and friends. Then you think $70 MM for millions of poor will help. What does that equate to? $70 USD per person.
Pull your collective heads out of your asses.
Written by: josean, 1 Oct 2009 4:19 PM
From: United States
The criminal enterprise known as the PLD are cleaning-up as they prepare for the long cold winter out of power
Steal all you can boys and girls before you leave, Eh Pa Fuera Que Vamos, LIE-onel Fernandez was overheard saying!
From: Dominican Republic, Boca de Chavon
Josean and Dreadlocks the same guy with same hats
Written by: josean, 1 Oct 2009 4:23 PM
From: United States
"the days the Dominican state can continue improvising and applying patches to the Dominican economy"
My sentiments exactly!
Written by: josean, 1 Oct 2009 4:26 PM
From: United States
dread,
He is down to 9 words without punctuation, and not once did he defend the indefensible, now that’s progress!
From: United States
Josean and i wear the same hats , because we have brains to keep under them. you are "a well trained economist", by your admission. so, touting GDP figures as a sign of progress should be avoided by you, at all costs. what is even more imnportant is the current account deficit, and numbers quoted by juanb. what do you say to him, by the way? another negativist doomsayer? hey, do not shoot the messenger if you do not like the message. and, i am not insulted to be siamise-twinned to Josean, as you and Allnuts believe. i consider it an honor to be linked to intelligent, rational people, and not pipe dreamers.
From: United States
and, by the way, Ricky, you keep harping on all the big ole skyscrapers you see all over the place. do you know who finances them? is there a likelihood that some are front offices for international money launderers, who love the DR as a point of operation, because of lax regulation? well trained economists like yourself should know that real estate is a powerful detergent these days.
From: Dominican Republic, Boca de Chavon
yes some are of the new apartment buildings in the east of Villa España are probably the results of money laundering but the construction still contributes to economic growth and with any luck some of these apartments will be used to rehouse the poor people living in shanty towns along the river
From: United States
this from Ricardolito
yes some are of the new apartment buildings in the east of Villa España are probably the results of money laundering but the construction still contributes to economic growth and with any luck some of these apartments will be used to rehouse the poor people living in shanty towns along the river
will you have some concern for my health, please, sir? this repetitive falling off my chair in fits of laughter is bound to have an adverse effect on my bone structure in the near future.
From: Dominican Republic, Boca de Chavon
I doubt if you have a kind thought for anyone who is not as well off as you are and much less do anything for them ,,far easier to sit and be critical of everything and occasionally fall off ..far easier to be against borrowing for the poor ,against building for the increased population in Santo Domingo,against Cisneros project , against the French investing than to applaud what people are actually doing here
Written by: ElProfe, 1 Oct 2009 9:16 PM
From: Dominican Republic, Jarabacoa
This is a bunch of B.S. Most schools don't even have power, let alone an inverter for lighting and computers. They will all pocket the money and the people will keep on suffering. This country needs a Fidel Castro to turn things around.
Written by: juanb, 1 Oct 2009 10:52 PM
From: Dominican Republic
Fidel Castro is just what we need. Someone to lead us into the 1900's.
From: Canada
BS.....
Who will determine who are the poor families? The poorest of the poor never benefit when money is given through the government!
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Not as much as our politicians will benefits.
I will gladly pay you Tuesday (with lots of interest) for a hamburger today.
What a brilliant political strategy the PLD has. Borrow, borrow, borrow, borrow. Lose the election in 2012 to Vargas. When the house of cards starts to collapse due to the exhorbitant interest amounts that we will be paying by then, it opens up the next election for the PLD. Maybe even LF again. Heaven help us.
Tragic that other people would rather see poor people die in poverty because they are opposed to borrowing
I will be sending in your nomination to the Nobel Prize committee for your award in economics.
Be sure to highlight your theory about its ok for a million to disappear via corruption, I am sure that will win over votes.
Now Ricky Romana is going to be angry at you for getting involved in his field of borrownomics, oops, I meant to say economics!
Public debt is US$17.39 billion
Clave newspaper highlights that the public debt is now at US$17,396.2 million, according to figures from The Economist. In other words, every baby born in the DR comes into this world owing US$1,845.
Clave newspaper says that from January to September 2009 alone, the government approved new loans for US$897.2 million and EUR18.5 million, for US$924.14 million in US$ dollars.
The Economist also forecasts that the debt is rising. It indicates that for 2011, the public debt will have risen to US$19,355.2 million. By then the public debt will have grown from 41.22% of the Gross Domestic Product (2009) to 43.6% of GDP by 2011.
Economist Carlos Asilis told Clave that the levels of debt are a cause for concern. He told the newspaper that the "levels are very close to the ceiling of what the country can bear in the long term." He said that conservatively speaking, the debt could be at 50-55% of GDP. He says that this means that, "the days the Dominican state can continue improvising and applying patches to the Dominican economy will soon be over. He said the government only deals with public finances when its back is against the wall.
You scum bag politicians.
LFs buddy Segura steals millions of US $ for his family and friends. Then you think $70 MM for millions of poor will help. What does that equate to? $70 USD per person.
Pull your collective heads out of your asses.
Steal all you can boys and girls before you leave, Eh Pa Fuera Que Vamos, LIE-onel Fernandez was overheard saying!
My sentiments exactly!
He is down to 9 words without punctuation, and not once did he defend the indefensible, now that’s progress!
yes some are of the new apartment buildings in the east of Villa España are probably the results of money laundering but the construction still contributes to economic growth and with any luck some of these apartments will be used to rehouse the poor people living in shanty towns along the river
will you have some concern for my health, please, sir? this repetitive falling off my chair in fits of laughter is bound to have an adverse effect on my bone structure in the near future.
Who will determine who are the poor families? The poorest of the poor never benefit when money is given through the government!