NewsWhore
11-06-2009, 03:00 PM
With the amount of loans that the government is signing, the DR's foreign debt will increase by 2.7%, going from 15.8% of GDP in 2009 to 18.5% in 2010. The foreign debt is currently at US$7.195 billion as of September.
In 2007, it was US$6.555 billion and increased to US$7.237 billion last year.
Hacienda Minister Vicente Bengoa, referring to the country's foreign indebtedness, said that only 5 Latin American countries have a smaller foreign debt than the Dominican Republic, while 17 have larger debts.
An Economic Commission for Latin America (ECLAC) list of 23 regional countries shows that only 4 countries have less foreign debt than the Dominican Republic. These are Mexico, Brazil, Guatemala and Trinidad and Tobago, while the other 18 nations have a higher debt than the DR.
Bengoa downplayed concerns by business leaders that the country was taking on too much debt. The minister pointed to the track record in Latin America. He said that in 4 countries the debt is 3 times that of the DR's, 8 have twice our debt and 6 have more debt. He mentioned Chile, whose debt is at 38.2% of its GDP and in the DR it is at 15.8%.
Business sector representatives have also expressed concerns about the government taking on debt to cover current expenditure levels, and about the quality and productive nature of the investments being made with foreign debt.
More... (http://www.dr1.com/index.html#6)
In 2007, it was US$6.555 billion and increased to US$7.237 billion last year.
Hacienda Minister Vicente Bengoa, referring to the country's foreign indebtedness, said that only 5 Latin American countries have a smaller foreign debt than the Dominican Republic, while 17 have larger debts.
An Economic Commission for Latin America (ECLAC) list of 23 regional countries shows that only 4 countries have less foreign debt than the Dominican Republic. These are Mexico, Brazil, Guatemala and Trinidad and Tobago, while the other 18 nations have a higher debt than the DR.
Bengoa downplayed concerns by business leaders that the country was taking on too much debt. The minister pointed to the track record in Latin America. He said that in 4 countries the debt is 3 times that of the DR's, 8 have twice our debt and 6 have more debt. He mentioned Chile, whose debt is at 38.2% of its GDP and in the DR it is at 15.8%.
Business sector representatives have also expressed concerns about the government taking on debt to cover current expenditure levels, and about the quality and productive nature of the investments being made with foreign debt.
More... (http://www.dr1.com/index.html#6)