NewsWhore
11-24-2008, 05:40 PM
The European Union has conditioned disbursement from a EUR179 million development program fund to the government fulfilling pre- established requirements. The chief of the EU mission in the Dominican Republic, Alicia Escuin, signed the agreement with Domingo Jimenez, the director general of Multilateral Cooperation in the presence of the Minister of Economy, Planning and Development, Temistocles Montas and his deputy minister for international cooperation, America Bastidas.
After pointing out that the EU has not been able to disburse a EUR27 million donation due to the fact that the government has not fulfilled the required conditions, Escuin said that the country has work pending in cleaning up public finances and especially in the reduction of the public and foreign deficits. The resources that will be disbursed under the program during 2009-2013 will be spent on programs aimed at eradicating poverty, promoting social and human development and social cohesion, according to Hoy newspaper. At the same time the programs are aimed at promoting democracy, governance and improving competitiveness.
In addition to the EUR179 million there are another EUR15 million known as "Envelope B" that the EU can disburse immediately in case of natural disasters or important losses in the value of exports.
Escuin explained: "We are aware of the fiscal adjustments that the Dominican government has put into place. Nevertheless, it must be remembered that the controls on public spending and to ensure fiscal austerity should be implemented effectively, and, above all, they should be consistent with the projections regarding incentives and infrastructure."
EUR91 million of the fund is targeted to help the country fulfill the United Nations Millennium Goals, especially in the areas of education and health that should absorb 50% of the funds. Another EUR37 million would go to support the competitiveness of the Dominican economy, and a further EUR25 million would go to promote institution reforms.
More... (http://www.dr1.com/index.html#7)
After pointing out that the EU has not been able to disburse a EUR27 million donation due to the fact that the government has not fulfilled the required conditions, Escuin said that the country has work pending in cleaning up public finances and especially in the reduction of the public and foreign deficits. The resources that will be disbursed under the program during 2009-2013 will be spent on programs aimed at eradicating poverty, promoting social and human development and social cohesion, according to Hoy newspaper. At the same time the programs are aimed at promoting democracy, governance and improving competitiveness.
In addition to the EUR179 million there are another EUR15 million known as "Envelope B" that the EU can disburse immediately in case of natural disasters or important losses in the value of exports.
Escuin explained: "We are aware of the fiscal adjustments that the Dominican government has put into place. Nevertheless, it must be remembered that the controls on public spending and to ensure fiscal austerity should be implemented effectively, and, above all, they should be consistent with the projections regarding incentives and infrastructure."
EUR91 million of the fund is targeted to help the country fulfill the United Nations Millennium Goals, especially in the areas of education and health that should absorb 50% of the funds. Another EUR37 million would go to support the competitiveness of the Dominican economy, and a further EUR25 million would go to promote institution reforms.
More... (http://www.dr1.com/index.html#7)