NewsWhore
11-17-2009, 04:50 PM
The National Development Council (CND), chaired by President Leonel Fernandez, has approved a RD$378.9 billion budget for 2010. This budget exceeds its 2009 predecessor by RD$50 billion, despite the fact that the government has been running at a budgetary deficit from what was estimated for 2009 and the revenues that have actually been collected. 2010 is an electoral year.
On paper the 2009 budget includes an extra RD$4 billion and RD$5 billion for the ministries of Education and Health, which will receive RD$37.43 billion and RD$35.964 billion respectively in 2010. Hacienda Minister Vicente Bengoa justified the increased budget and spending by saying the funds would go to infrastructural and social programs. He stated that the DR expected to generate RD$263 billion and receive RD$115.964 billion in loans. The DR will repay RD$68.9 billion for loans taken in the past.
Bengoa added that the PetroCaribe agreement would represent US$260 million in funds available for the government, plus US$700 or US$800 million in investment projects.
The Ministry of Public Works is the "fattest cat" among all the ministries, receiving RD$29.7 billion in 2010, close to RD$10 billion more than their 2009 budget. The money will be used for the DR's two major public works projects, the second line of the Santo Domingo Metro and the Duarte Corridor, a series of highway overpasses aimed at easing traffic flow in Santo Domingo.
The Presidency also got a budget boost of RD$8.2 billion, receiving RD$43.6 billion in 2010. Hoy writes that as part of the DR's Stand-by Arrangement with the IMF the country must reduce its current spending, but Bengoa says that total spending will decrease from 76.8% to 72.52% and that capital spending will increase from 23.20% to 27.48%.
More... (http://www.dr1.com/index.html#1)
On paper the 2009 budget includes an extra RD$4 billion and RD$5 billion for the ministries of Education and Health, which will receive RD$37.43 billion and RD$35.964 billion respectively in 2010. Hacienda Minister Vicente Bengoa justified the increased budget and spending by saying the funds would go to infrastructural and social programs. He stated that the DR expected to generate RD$263 billion and receive RD$115.964 billion in loans. The DR will repay RD$68.9 billion for loans taken in the past.
Bengoa added that the PetroCaribe agreement would represent US$260 million in funds available for the government, plus US$700 or US$800 million in investment projects.
The Ministry of Public Works is the "fattest cat" among all the ministries, receiving RD$29.7 billion in 2010, close to RD$10 billion more than their 2009 budget. The money will be used for the DR's two major public works projects, the second line of the Santo Domingo Metro and the Duarte Corridor, a series of highway overpasses aimed at easing traffic flow in Santo Domingo.
The Presidency also got a budget boost of RD$8.2 billion, receiving RD$43.6 billion in 2010. Hoy writes that as part of the DR's Stand-by Arrangement with the IMF the country must reduce its current spending, but Bengoa says that total spending will decrease from 76.8% to 72.52% and that capital spending will increase from 23.20% to 27.48%.
More... (http://www.dr1.com/index.html#1)