NewsWhore
12-10-2008, 05:20 PM
The National Business Council (CONEP) and the Industries Association called for prudence and caution in the proposal to pension funds, and that the priority should be to seek the highest possible yields for the workers.
Pablo Piantini, of the National Association of Young Entrepreneurs (ANJE) joined those who are of the opinion that the funds, contributed by companies and workers, are earmarked for worker retirements.
President Fernandez had announced on Monday that he would seek congressional approval to use of pension funds for government low-income housing and infrastructure programs in his speech to the nation yesterday.
This is not the first time Fernandez has bid for these funds. Diario Libre recalls that the President had showed an interest in using the funds for educational programs and agriculture. The pension fund amounts to RD$68 billion.
So far the funds have been affected by low yields, in part due to the restrictions on where they can be invested.
PRD president Rafael Alburquerque disagrees that the money can be used for infrastructure. Alburquerque says there is an odd coincidence that the nation's budget deficit in 2009 is RD$77 billion. Alburquerque says the government proposes to finance this with RD$20 billion from unnamed local sources and RD$57 billion in foreign loans.
Trajano Santana of the PRI minority opposition party said the money could potentially be used to benefit party members instead of workers. Meanwhile PRSC minority party deputy Victor Bisono said that using the funds was not a good idea because the public has no guarantee or say in how the money would be used. He said there are also no guarantees that the public would get the money back if it were misspent.
More... (http://www.dr1.com/index.html#2)
Pablo Piantini, of the National Association of Young Entrepreneurs (ANJE) joined those who are of the opinion that the funds, contributed by companies and workers, are earmarked for worker retirements.
President Fernandez had announced on Monday that he would seek congressional approval to use of pension funds for government low-income housing and infrastructure programs in his speech to the nation yesterday.
This is not the first time Fernandez has bid for these funds. Diario Libre recalls that the President had showed an interest in using the funds for educational programs and agriculture. The pension fund amounts to RD$68 billion.
So far the funds have been affected by low yields, in part due to the restrictions on where they can be invested.
PRD president Rafael Alburquerque disagrees that the money can be used for infrastructure. Alburquerque says there is an odd coincidence that the nation's budget deficit in 2009 is RD$77 billion. Alburquerque says the government proposes to finance this with RD$20 billion from unnamed local sources and RD$57 billion in foreign loans.
Trajano Santana of the PRI minority opposition party said the money could potentially be used to benefit party members instead of workers. Meanwhile PRSC minority party deputy Victor Bisono said that using the funds was not a good idea because the public has no guarantee or say in how the money would be used. He said there are also no guarantees that the public would get the money back if it were misspent.
More... (http://www.dr1.com/index.html#2)