More borrowing

[NewsWhore]

The Executive Branch has sent a bill to the Senate proposing a RD$10.8 billion increased financing for the 2008 budget. This increased financing will be directed towards the State-run Electricity Companies (CDEEE) to "cover the budget deficit in the national electric sector." Blackouts in the DR are attributed to government financial constraints. The Executive Branch now blames its budgetary deficit on declines in tax revenues from nickel exports, declining fuel prices (fuel is a major tax producer) and local commerce. The government has had difficulties in paying its debt to power generators and distributors.

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