NewsWhore
11-25-2009, 04:10 PM
The Executive Branch has sent the budget for 2010 to Congress. The budget is for RD$379 billion, up from RD$328 billion for 2009. Hacienda Minister Vicente Bengoa and Budget Director Luis Hernandez submitted the budget to Senate president Reinaldo Pared Perez. For the government, this is a most likely a record early delivery of the budget to Congress for deliberations.
The budget bill will now be studied by a commission made up of legislators from both the Senate and the Chamber of Deputies. The budget allocates 72.6% to current expenditures and 27.4% to capital investments. The budget contemplates RD$263 million in tax collections and donations, and RD$115.9 million in credits. The budget contemplates donations for RD$4.1, and internal revenues for RD$258.9 billion, or 14.3% of the GDP.
Hacienda Minister Vicente Bengoa said that the government estimates inflation in 2010 to be at 7.2% and an exchange rate of RD$37.5 to the US$1 with the price per barrel of petroleum at US$72. He said the budget was prepared taking into consideration the signing of the International Monetary Fund Stand-by Arrangement that recommends reducing current spending, increasing public investment and social expenditures.
Hacienda Minister Vicente Bengoa justified the RD$50 billion increase in the budget of 2010 and 2009 by saying that it would be used in construction works and social spending.
Economy, Planning and Development Minister Temistocles Montas rejected accusations that the funds would go towards supporting the political campaigns for the PLD candidates in the 2010 May municipal and congressional election. He said that spending on payroll should not exceed 4% of the Gross Domestic Product.
More... (http://www.dr1.com/index.html#1)
The budget bill will now be studied by a commission made up of legislators from both the Senate and the Chamber of Deputies. The budget allocates 72.6% to current expenditures and 27.4% to capital investments. The budget contemplates RD$263 million in tax collections and donations, and RD$115.9 million in credits. The budget contemplates donations for RD$4.1, and internal revenues for RD$258.9 billion, or 14.3% of the GDP.
Hacienda Minister Vicente Bengoa said that the government estimates inflation in 2010 to be at 7.2% and an exchange rate of RD$37.5 to the US$1 with the price per barrel of petroleum at US$72. He said the budget was prepared taking into consideration the signing of the International Monetary Fund Stand-by Arrangement that recommends reducing current spending, increasing public investment and social expenditures.
Hacienda Minister Vicente Bengoa justified the RD$50 billion increase in the budget of 2010 and 2009 by saying that it would be used in construction works and social spending.
Economy, Planning and Development Minister Temistocles Montas rejected accusations that the funds would go towards supporting the political campaigns for the PLD candidates in the 2010 May municipal and congressional election. He said that spending on payroll should not exceed 4% of the Gross Domestic Product.
More... (http://www.dr1.com/index.html#1)