NewsWhore
03-03-2010, 03:20 PM
The meeting between President Fernandez, the leaders of Congress and the Minister of Hacienda is beginning to bear fruit. In the Senate yesterday, members discussed the need for the urgent approval of a legislative proposal that would authorize the Executive Branch to issue US$1 billion in bonds that would be placed on the international capital markets.
Hacienda Minister Vicente Bengoa requested the Senate's approval of the initiative when he appeared before the Senate commission that has been studying the proposal since last year. The minister met with the chairman of the Senate Hacienda Commission, Tommy Galan, and explained the urgency with which the government needs to go to the capital markets in search of these resources. "These resources will be used only for an anti-cyclical financial plan, designed by the government with the aim of helping the country recover its growth rate and reactivate the Dominican economy", Bengoa told the senators.
The Minister of Hacienda said that the US$1 billion in bonds are a part of the 2010 budget and are included in the Stand-by arrangement the country signed with the International Monetary Fund (IMF) last year. Bengoa said that the resources are aimed at reactivating the economy through public investment in infrastructure projects including the National Asphalting Plan and other priority projects. The proposal of a bond emission will probably be heard in this afternoon's Senate session where it will be declared to be of urgency and approved after two consecutive readings. It will then be sent to the Chamber of Deputies for their consideration.
More... (http://www.dr1.com/index.html#3)
Hacienda Minister Vicente Bengoa requested the Senate's approval of the initiative when he appeared before the Senate commission that has been studying the proposal since last year. The minister met with the chairman of the Senate Hacienda Commission, Tommy Galan, and explained the urgency with which the government needs to go to the capital markets in search of these resources. "These resources will be used only for an anti-cyclical financial plan, designed by the government with the aim of helping the country recover its growth rate and reactivate the Dominican economy", Bengoa told the senators.
The Minister of Hacienda said that the US$1 billion in bonds are a part of the 2010 budget and are included in the Stand-by arrangement the country signed with the International Monetary Fund (IMF) last year. Bengoa said that the resources are aimed at reactivating the economy through public investment in infrastructure projects including the National Asphalting Plan and other priority projects. The proposal of a bond emission will probably be heard in this afternoon's Senate session where it will be declared to be of urgency and approved after two consecutive readings. It will then be sent to the Chamber of Deputies for their consideration.
More... (http://www.dr1.com/index.html#3)