NewsWhore
09-17-2008, 04:10 PM
The Dominican Republic Industrial Association (AIRD) says that the most recent Central Bank economic report proves that the government needs to puts its finances in order. They said that while fiscal collections increased 8.9% from January to July compared to the previous period in 2007, government spending was up 32.3%.
While he conceded that as indicated by the Central Bank, most of the difference is due to external shocks, especially the increase in fuel prices, lack of discipline in government spending is also largely responsible for the deficit.
AIRD president Manuel Diez Cabral expressed his concern at what he described as the unsustainable deficit of the current account of the Balance of Payments, a deficit that grew to US$2.65 billion during the first semester of the year. He said that there needed to be an increase in foreign exchange receipts or a decline in hard currency spending. "The best way to counteract this deficit is for the government to put the measures of fiscal austerity that have been announced in past months into practice once and for all," stated Diez Cabral.
More... (http://www.dr1.com/index.html#6)
While he conceded that as indicated by the Central Bank, most of the difference is due to external shocks, especially the increase in fuel prices, lack of discipline in government spending is also largely responsible for the deficit.
AIRD president Manuel Diez Cabral expressed his concern at what he described as the unsustainable deficit of the current account of the Balance of Payments, a deficit that grew to US$2.65 billion during the first semester of the year. He said that there needed to be an increase in foreign exchange receipts or a decline in hard currency spending. "The best way to counteract this deficit is for the government to put the measures of fiscal austerity that have been announced in past months into practice once and for all," stated Diez Cabral.
More... (http://www.dr1.com/index.html#6)