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NewsWhore
06-15-2009, 03:10 PM
Hacienda Minister Vicente Bengoa announced last week that the government would be sending to Congress a request for authorization to issue US$1 billion in sovereign bonds to balance the National Budget. Bengoa sees this as the best solution to the deficit in the National Budget, due to falling tax revenues.
Bengoa announced that the request would be sent to Congress on Monday. The ruling PLD party holds the majority in Congress.
Bengoa said that of the total sum, only US$500 million might be used this year, but "it would be a kind of protective shield for the economy," as reported in El Caribe. He said the government is seeing a deficit from January through May of RD$6.4 billion due to declining taxation revenues.
Bengoa says that taxation revenues should recover later this year with the reactivation of the economy.

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