NewsWhore
10-13-2008, 06:50 PM
The Dominican Chambers of Commerce Federation (Fedocamaras) says that the government's economic team needs to take measures to better prepare the DR for the effects of the global financial crisis. Fedocamaras says that the fact that the government is optimistic is a positive thing, because the government's role is to generate confidence in the economic actors. The Federation maintains, however, that the government needs to reduce the growing fiscal deficit, eliminate subsidies to the electricity sector and establish mechanisms to protect national production. Fedocamaras spokespersons are also urging the government to improve the quality of its spending, as reported in Listin Diario.
Fedocamaras believes that the government needs to sign an agreement with the IMF.
The Fedocamaras board of directors said that the business sector has been calling for austerity in government spending, which has not taken place yet. "It is time the government committed to reducing the fiscal deficit," says the business group.
Today's Hoy reports that the DR accumulated a trade deficit of US$3.48 billion with the US between May 2007 and August 2008, marking the first months of the DR-CAFTA period. From January to August 2008, the deficit increased by US$885 million, or 85% more than during the same period in 2007. Economist Luis H. Vargas says that the deficit is the result of the low level of productivity and competitiveness of manufacturing and farming operations, and what he describes as "the fictitious appreciation of the Dominican peso against the dollar and the onerous trade agreement known as DR-CAFTA".
More... (http://www.dr1.com/index.html#7)
Fedocamaras believes that the government needs to sign an agreement with the IMF.
The Fedocamaras board of directors said that the business sector has been calling for austerity in government spending, which has not taken place yet. "It is time the government committed to reducing the fiscal deficit," says the business group.
Today's Hoy reports that the DR accumulated a trade deficit of US$3.48 billion with the US between May 2007 and August 2008, marking the first months of the DR-CAFTA period. From January to August 2008, the deficit increased by US$885 million, or 85% more than during the same period in 2007. Economist Luis H. Vargas says that the deficit is the result of the low level of productivity and competitiveness of manufacturing and farming operations, and what he describes as "the fictitious appreciation of the Dominican peso against the dollar and the onerous trade agreement known as DR-CAFTA".
More... (http://www.dr1.com/index.html#7)