Senate to look at US$80 million loan

[NewsWhore]

Senate president Reinaldo Pared Perez has announced that next Tuesday the contract for a loan for US$80 million would be placed on the agenda. The loan would be used to pay part of the CDEEE's debts. Pared Perez provided this information after a visit from CDEEE executive vice-president Radhames Segura to talk about the loan package. The loan will be between the Dominican Republic and the International Bank of Reconstruction and Development and executed by INDRHI and the CDEEE. He reminded reporters that this loan was sent for study to the Hacienda Commission chaired by Tommy Galan. Pared Perez emphasized that, "given the urgency that the country has for improving its electric service, we are giving instructions for the report to be prepared for the Senate session on Tuesday, so the vote can take place." As soon as the loan is approved by the Senate, it will go to the Chamber of Deputies. Pared Perez said that, "in the Senate we will do what we can to see that this is passed in the next session." For his part, Segura explained that the debt with the generators had also gone up due to the increased costs of oil. He said, "The CDEEE as well as the government decided to pay this debt so that the generators can have the funds needed to buy fuel and guarantee a normal supply of electric energy." Segura said that the government will ask for a special dispensation from the World Bank to disburse US$50 million to the generators.

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