NewsWhore
08-24-2009, 04:30 PM
Minister of the Hacienda Vicente Bengoa and the governor of the Central Bank, Hector Valdez Albizu were instructed by President Fernandez to head to Washington, DC to find US$900 million to fill present government budgetary gap. The will hold talks with the International Monetary Fund (IMF) to accelerate the disbursement of an additional US$700 million. The agreement with the IMF would expedite the disbursement of funds by the IDB and World Bank. They expect to secure commitments for US$200 million from both multilateral organizations to help shore up the 2009 budget that is facing a RD$10 billion shortfall so far this year.
Bengoa explained: "To be able to maintain current spending and the economic stimulus package levels we have to get this financing. The IMF is willing to help us get them. Obviously, we have to arrive at some sort of program in order to achieve these disbursements and additional resources."
The government says the US$700 million would be used to fund ongoing projects executed by the Ministry of Public Works, the Office of Supervising Engineers of State Projects, the National Aqueducts and Sewage Institute (INAPA) and government housing projects under INVI, as well as social programs. The US$200 million would bolster the budget. The World Bank and the IDB require the approval of the IMF in order to disburse funds for budgetary support, and because of this, the country needs to adhere to an IMF supervisory program.
Bengoa stressed no new taxes will be forthcoming with the signing with the IMF. "That would be like throwing a lead lifesaver at the economy," he said.
More... (http://www.dr1.com/index.html#1)
Bengoa explained: "To be able to maintain current spending and the economic stimulus package levels we have to get this financing. The IMF is willing to help us get them. Obviously, we have to arrive at some sort of program in order to achieve these disbursements and additional resources."
The government says the US$700 million would be used to fund ongoing projects executed by the Ministry of Public Works, the Office of Supervising Engineers of State Projects, the National Aqueducts and Sewage Institute (INAPA) and government housing projects under INVI, as well as social programs. The US$200 million would bolster the budget. The World Bank and the IDB require the approval of the IMF in order to disburse funds for budgetary support, and because of this, the country needs to adhere to an IMF supervisory program.
Bengoa stressed no new taxes will be forthcoming with the signing with the IMF. "That would be like throwing a lead lifesaver at the economy," he said.
More... (http://www.dr1.com/index.html#1)