NewsWhore
07-28-2006, 01:10 PM
The Ministry of Finance says that the country's foreign debt has increased 89.7% in the past five years. It went from US$3.67 billion at the end of the Fernandez government (1996-2000) to US$6.97 billion through June 2006 after the Mejia government (2000-2004) and the first two years of the Fernandez second term.
As reported in El Nacional yesterday, the presidents of the Chamber of Deputies Alfredo Pacheco and the president of the Senate Andres Bautista, both PRD, said that the PRD-majority Congress had given their approval to RD$2.7 billion in additional foreign debt loans requested by the Fernandez government in its two first years. This in addition to passing two fiscal reforms that increased tax collections and provided a windfall of revenues for the government.
Finance Minister Vicente Bengoa, nevertheless, says that the government is up to date with its payments. He reported that in January, the government paid US$48.6 million on the debt, and US$41.1 million in February. In March, it paid US$355.9 million, including the buyback of the debt with Union Fenosa. In April, the government paid US$44 million and in May US$48.7 million, and a US$125.4 million payment in June for a total US$663.7 million on the foreign debt.
Bengoa said that the government has scheduled payments for US$129 million in July, for a total of US$792.7 million through July.
As reported in El Caribe, in the first six months of the year, the foreign debt increased US$223.5 million. The IMF stand by arrangement establishes a US$900 million indebtedness ceiling for 2006. Over the next 21 years, the country needs to pay US$2.7 billion for sovereign bond placements in international capital markets.
Link To Original Article (http://www.dr1.com/index.html#4)
As reported in El Nacional yesterday, the presidents of the Chamber of Deputies Alfredo Pacheco and the president of the Senate Andres Bautista, both PRD, said that the PRD-majority Congress had given their approval to RD$2.7 billion in additional foreign debt loans requested by the Fernandez government in its two first years. This in addition to passing two fiscal reforms that increased tax collections and provided a windfall of revenues for the government.
Finance Minister Vicente Bengoa, nevertheless, says that the government is up to date with its payments. He reported that in January, the government paid US$48.6 million on the debt, and US$41.1 million in February. In March, it paid US$355.9 million, including the buyback of the debt with Union Fenosa. In April, the government paid US$44 million and in May US$48.7 million, and a US$125.4 million payment in June for a total US$663.7 million on the foreign debt.
Bengoa said that the government has scheduled payments for US$129 million in July, for a total of US$792.7 million through July.
As reported in El Caribe, in the first six months of the year, the foreign debt increased US$223.5 million. The IMF stand by arrangement establishes a US$900 million indebtedness ceiling for 2006. Over the next 21 years, the country needs to pay US$2.7 billion for sovereign bond placements in international capital markets.
Link To Original Article (http://www.dr1.com/index.html#4)