NewsWhore
12-09-2008, 04:40 PM
Last night's speech by President Leonel Fernandez was awaited with high expectations, partly due to the fact that the President had not commented publicly about the current pressing issues since his inauguration on 16 August. Fernandez spoke about the ways in which his government would meet the challenges of the global financial crisis.
Fernandez announced that the DR would be signing a new agreement with the IMF, which would provide a guarantee of continued stability and confidence in Dominican markets. Fernandez also clarified that when the IMF and Dominican politicians speak about "fiscal adjustments" they mean reducing subsidies and focalizing spending - not increasing taxes. The President emphasized that there would not be a new set of tax increases. He also forecast a decline in interest rates for next year.
The President said that the nation would have access to US$500 million from the Inter-American Development Bank's Liquidity Program for Growth Sustainability program.
The President has his eyes on the RD$68 billion accumulated in workers pension plans to launch construction programs aimed at creating hundreds of jobs. He said he was sending a bill to Congress that would authorize the government to use the funds to build houses for workers and low-income families and for infrastructure projects.
President Leonel Fernandez said that his priorities included the construction of the El Coral highway that would shorten travel from San Pedro de Macoris to Punta Cana, the North Coast Boulevard, that would shorten travel time to the tourist area of Las Terrenas, the Duarte Highway Corridor, the Viadom project, the second line of the Santo Domingo Metro and the train to Haina. He said these projects would be contracted to the private sector and would generate much-needed jobs.
Fernandez said he was optimistic that the economic plans underway would keep inflation at 7% in 2009.
In the area of energy, Fernandez mentioned investors from the United Arab Emirates with an interest in building a natural gas terminal on the north coast to serve the domestic market and for export to the United States. He said a UAE mission would come to look into the additional possibility of installing a 500MW power plant.
President Fernandez is also optimistic that foreign investment will continue. He spoke of renewed production ventures by Canadian company Gildan and several start-up tourism investments. He mentioned Punta Perla and Vista Cana in the Punta Cana area and Nuevo La Romana between La Romana and San Pedro de Macoris.
More... (http://www.dr1.com/index.html#1)
Fernandez announced that the DR would be signing a new agreement with the IMF, which would provide a guarantee of continued stability and confidence in Dominican markets. Fernandez also clarified that when the IMF and Dominican politicians speak about "fiscal adjustments" they mean reducing subsidies and focalizing spending - not increasing taxes. The President emphasized that there would not be a new set of tax increases. He also forecast a decline in interest rates for next year.
The President said that the nation would have access to US$500 million from the Inter-American Development Bank's Liquidity Program for Growth Sustainability program.
The President has his eyes on the RD$68 billion accumulated in workers pension plans to launch construction programs aimed at creating hundreds of jobs. He said he was sending a bill to Congress that would authorize the government to use the funds to build houses for workers and low-income families and for infrastructure projects.
President Leonel Fernandez said that his priorities included the construction of the El Coral highway that would shorten travel from San Pedro de Macoris to Punta Cana, the North Coast Boulevard, that would shorten travel time to the tourist area of Las Terrenas, the Duarte Highway Corridor, the Viadom project, the second line of the Santo Domingo Metro and the train to Haina. He said these projects would be contracted to the private sector and would generate much-needed jobs.
Fernandez said he was optimistic that the economic plans underway would keep inflation at 7% in 2009.
In the area of energy, Fernandez mentioned investors from the United Arab Emirates with an interest in building a natural gas terminal on the north coast to serve the domestic market and for export to the United States. He said a UAE mission would come to look into the additional possibility of installing a 500MW power plant.
President Fernandez is also optimistic that foreign investment will continue. He spoke of renewed production ventures by Canadian company Gildan and several start-up tourism investments. He mentioned Punta Perla and Vista Cana in the Punta Cana area and Nuevo La Romana between La Romana and San Pedro de Macoris.
More... (http://www.dr1.com/index.html#1)