NewsWhore
09-28-2009, 03:50 PM
All today's newspapers are reporting Minister of the Economy, Planning and Development Temistocles Montas' detailed explanation of the government's income problems. Montas was quite clear in stating that the government income for the period January-September was RD$19 billion less than projected in the 2009 budget.
An accompanying chart in the Hoy newspaper shows how exports are off by nearly 36%, free zone exports are down almost 22% and direct foreign investments are 27.6% less than projected for the year.
During his speech at a conference on Internal Auditing and Management in Cabeza de Toro on the east coast over the weekend, Montas said that the world financial crisis that began in September 2008 put a halt to the nation's growth rate that had been at a comfortable 7% over the previous two years.
His charts showed how non-petroleum related imports were down 33.3% and even tourism was off 7.1%. Finally, the remittances from the overseas Dominican population were also down by 5.1%, and this all added to the government woes, since remittances have contributed as much as 7% of the nation's GDP.
Montas said that the main challenge for the country is to reverse the slowing or even negative growth rate, and to "reduce the impact of the crisis on the poorest sectors and prevent even greater poverty and inequality".
More... (http://www.dr1.com/index.html#6)
An accompanying chart in the Hoy newspaper shows how exports are off by nearly 36%, free zone exports are down almost 22% and direct foreign investments are 27.6% less than projected for the year.
During his speech at a conference on Internal Auditing and Management in Cabeza de Toro on the east coast over the weekend, Montas said that the world financial crisis that began in September 2008 put a halt to the nation's growth rate that had been at a comfortable 7% over the previous two years.
His charts showed how non-petroleum related imports were down 33.3% and even tourism was off 7.1%. Finally, the remittances from the overseas Dominican population were also down by 5.1%, and this all added to the government woes, since remittances have contributed as much as 7% of the nation's GDP.
Montas said that the main challenge for the country is to reverse the slowing or even negative growth rate, and to "reduce the impact of the crisis on the poorest sectors and prevent even greater poverty and inequality".
More... (http://www.dr1.com/index.html#6)