NewsWhore
07-07-2009, 02:50 PM
The government's economic team is optimistic that the measures adopted by the monetary authorities to try and diminish the impact of the financial downturn are already having a positive effect on the economy.
The team said they are seeing signs of improved economic activity. The worldwide economic recession caused a marked economic slowdown in the first quarter of the year, but the measures taken appear to have improved tax collections.
Rafael Camilo, the new director general of Customs, reported that in May the non-collected revenues deficit was RD$1.1 billion and in June this had been reduced to RD$790 million. He said that July's collections are expected to continue to reduce the gap between what was estimated and what was collected. He attributed the increase in collections to the collection of outstanding credits.
At the same time, Central Bank Governor Hector Valdez Albizu and Hacienda Minister Vicente Bengoa said that for the first time since January, collections were up both at the Customs and the Department of Taxes (DGII).
Valdez Albizu called the results at the end of last month highly positive as he reminded everyone that private borrowing during the first quarter of the year fell by some RD$9 billion, and this had affected the entire economy.
Valdez Albizu announced that this decrease has been overcome and surpassed by an additional RD$2.5 billion in private sector credit. He said, "RD$900 million in loans has been placed for home building during the past three weeks, which means that the economic activity is picking up pace."
The officials spoke to the press at the Presidential Palace, after the meeting of the economic team with the President was over. The meeting looked at the different aspects of the local economy.
More... (http://www.dr1.com/index.html#1)
The team said they are seeing signs of improved economic activity. The worldwide economic recession caused a marked economic slowdown in the first quarter of the year, but the measures taken appear to have improved tax collections.
Rafael Camilo, the new director general of Customs, reported that in May the non-collected revenues deficit was RD$1.1 billion and in June this had been reduced to RD$790 million. He said that July's collections are expected to continue to reduce the gap between what was estimated and what was collected. He attributed the increase in collections to the collection of outstanding credits.
At the same time, Central Bank Governor Hector Valdez Albizu and Hacienda Minister Vicente Bengoa said that for the first time since January, collections were up both at the Customs and the Department of Taxes (DGII).
Valdez Albizu called the results at the end of last month highly positive as he reminded everyone that private borrowing during the first quarter of the year fell by some RD$9 billion, and this had affected the entire economy.
Valdez Albizu announced that this decrease has been overcome and surpassed by an additional RD$2.5 billion in private sector credit. He said, "RD$900 million in loans has been placed for home building during the past three weeks, which means that the economic activity is picking up pace."
The officials spoke to the press at the Presidential Palace, after the meeting of the economic team with the President was over. The meeting looked at the different aspects of the local economy.
More... (http://www.dr1.com/index.html#1)