NewsWhore
06-04-2009, 04:31 PM
At a meeting at the Presidential Palace yesterday, President Leonel Fernandez told media editors that the signing of an agreement with the International Monetary Fund is but a Plan B for the government.
He said that the financial storm has passed, and the country is now only under rain. He said that the DR was already receiving offers of fresh loans from international banks, specifically mentioning Deutsche Bank and Citigroup. He said he was told the country could qualify for an international bond emission of US$1.5 billion at a rate of 10.5%.
He said the government's priority was to kick-start the economy.
During the meeting he stated that the government has not bought the shares of the AES power distributor Ede-Este, but rather that the business transferred them to the state in exchange for the transactional deal for US$26.5 million that ends international litigation.
On behalf of the state, lawyer Mariano German Mejia explained in detail the conflict with Ede-Este, which has wanted to sell its shares since 2004. He pointed out that they filed three lawsuits against the Dominican state; each one for US$680 million and that just in lawyer's fees, the country has spent around US$15 million. He said that the deal was the best way out of the problem.
Fernandez acknowledged that the installation of 1,200 megawatts was needed by 2012. He highlighted ongoing construction of three hydroelectric dams that will generate 285 megawatts, two wind farms in Montecristi and Bani with a capacity of 100 megawatts each. He also mentioned another potential 500-megawatt wind farm with Spanish investment and the possibility of 600-megawatt generator with investment from Abu Dhabi. He also said that South Korea has expressed interest in investing in the sector.
On the issue of power transmission, he announced that the electric highway being built between the capital and Santiago would be finished by the end of 2010. He said the Blackouts Reduction Program (PRA) was becoming the electricity voucher, the "Bonoluz", which will be distributed using lists drawn up by the Social Cabinet.
Attending the meeting were Presidential Minister Cesar Pina Toribio, Radhames Segura, administrator of the Dominican Corporation of State-run Electricity Enterprises (CDEEE), Hacienda Minister Vicente Bengoa, Economy Minister Juan Temistocles Montas and lawyer Mariano German Mejia, among others.
More... (http://www.dr1.com/index.html#2)
He said that the financial storm has passed, and the country is now only under rain. He said that the DR was already receiving offers of fresh loans from international banks, specifically mentioning Deutsche Bank and Citigroup. He said he was told the country could qualify for an international bond emission of US$1.5 billion at a rate of 10.5%.
He said the government's priority was to kick-start the economy.
During the meeting he stated that the government has not bought the shares of the AES power distributor Ede-Este, but rather that the business transferred them to the state in exchange for the transactional deal for US$26.5 million that ends international litigation.
On behalf of the state, lawyer Mariano German Mejia explained in detail the conflict with Ede-Este, which has wanted to sell its shares since 2004. He pointed out that they filed three lawsuits against the Dominican state; each one for US$680 million and that just in lawyer's fees, the country has spent around US$15 million. He said that the deal was the best way out of the problem.
Fernandez acknowledged that the installation of 1,200 megawatts was needed by 2012. He highlighted ongoing construction of three hydroelectric dams that will generate 285 megawatts, two wind farms in Montecristi and Bani with a capacity of 100 megawatts each. He also mentioned another potential 500-megawatt wind farm with Spanish investment and the possibility of 600-megawatt generator with investment from Abu Dhabi. He also said that South Korea has expressed interest in investing in the sector.
On the issue of power transmission, he announced that the electric highway being built between the capital and Santiago would be finished by the end of 2010. He said the Blackouts Reduction Program (PRA) was becoming the electricity voucher, the "Bonoluz", which will be distributed using lists drawn up by the Social Cabinet.
Attending the meeting were Presidential Minister Cesar Pina Toribio, Radhames Segura, administrator of the Dominican Corporation of State-run Electricity Enterprises (CDEEE), Hacienda Minister Vicente Bengoa, Economy Minister Juan Temistocles Montas and lawyer Mariano German Mejia, among others.
More... (http://www.dr1.com/index.html#2)