NewsWhore
09-10-2009, 01:40 PM
The Inter-American Development Bank (IDB) has agreed to lend the DR US$500 million to supplement the DR's national budget. IDB representative in the DR Manuel Labrado said the loan would be issued with the signing of the forthcoming Stand-By Arrangement with the International Monetary Fund (IMF).
Although government revenues are RD$10 billion less than budgeted for the first semester of 2009, an increase in government spending and a lack of control on fiduciary matters is said to have increased the nation's budget deficit.
Labrado also announced that the World Bank would be lending the DR an additional US$150 million to be used for the energy sector. Manuel Labrado said that the US$150 million could be used to purchase and install meters to control consumption. It is estimated that 1.1 million households in the DR do not pay for electricity service.
Labrado made these comments after signing a cooperation agreement with Administrative Minister Ramon Ventura Camejo, aimed at drawing up salary policies for the DR's public sector. As part of that agreement the IDB will donate up to EUR100,000 for technical support and the program will last for 9 months. These funds will come from the Spanish General Cooperation Fund.
More... (http://www.dr1.com/index.html#3)
Although government revenues are RD$10 billion less than budgeted for the first semester of 2009, an increase in government spending and a lack of control on fiduciary matters is said to have increased the nation's budget deficit.
Labrado also announced that the World Bank would be lending the DR an additional US$150 million to be used for the energy sector. Manuel Labrado said that the US$150 million could be used to purchase and install meters to control consumption. It is estimated that 1.1 million households in the DR do not pay for electricity service.
Labrado made these comments after signing a cooperation agreement with Administrative Minister Ramon Ventura Camejo, aimed at drawing up salary policies for the DR's public sector. As part of that agreement the IDB will donate up to EUR100,000 for technical support and the program will last for 9 months. These funds will come from the Spanish General Cooperation Fund.
More... (http://www.dr1.com/index.html#3)