NewsWhore
12-04-2009, 01:20 PM
If the government hadn't signed a last-minute Stand-by Arrangement with the International Monetary Fund, it would have been very hard pressed to pay its employees in November, in December and the Christmas salary, according to Hacienda Minister Vicente Bengoa. "The government's situation was going to be extremely precarious," as reported by El Caribe.
The government received a US$295 million disbursement from the Inter-American Development Bank (IDB) yesterday and US$300 million are expected from the World Bank today. Just a few weeks ago the IMF injected US$315 million to help finance the government's deficit.
This year's fiscal deficit will be RD$103 billion, or RD$26 billion more than the RD$77 billion estimated in the 2009 Budget. This difference of approximately 25% is due to the decline in revenues as the international financial crisis brought constraints to local taxable consumption.
Financing of this and next year's budgets will reach RD$218 billion, but since the government plans to pay RD$64 billion next year, the remainder is RD$154 billion.
Meanwhile, for 2010 the financing will be for RD$115 billion, but the government will pay down debts for around RD$64 billion, leaving the debt at around RD$51 billion.
More... (http://www.dr1.com/index.html#3)
The government received a US$295 million disbursement from the Inter-American Development Bank (IDB) yesterday and US$300 million are expected from the World Bank today. Just a few weeks ago the IMF injected US$315 million to help finance the government's deficit.
This year's fiscal deficit will be RD$103 billion, or RD$26 billion more than the RD$77 billion estimated in the 2009 Budget. This difference of approximately 25% is due to the decline in revenues as the international financial crisis brought constraints to local taxable consumption.
Financing of this and next year's budgets will reach RD$218 billion, but since the government plans to pay RD$64 billion next year, the remainder is RD$154 billion.
Meanwhile, for 2010 the financing will be for RD$115 billion, but the government will pay down debts for around RD$64 billion, leaving the debt at around RD$51 billion.
More... (http://www.dr1.com/index.html#3)