NewsWhore
10-29-2010, 04:30 PM
Still reeling from the effects of overspending in the first quarter of the year in the run-up to the legislative and municipal elections, the government is announcing a second budget cut to ministries and departments to free up RD$10.5 billion for payments of the interests due for the recapitalization of the Central Bank. By law the government needs to deliver more than RD$14 billion to the Central Bank, of which it has only paid RD$6 billion.
Hacienda Minister Vicente Bengoa said that he had delivered a bill to the Executive Branch aimed at modifying the Budget. President Fernandez needs to sign the bill and send it to the PLD-majority Congress. A previous cut for a similar amount was used to transfer the funds to pay electricity sector arrears, as reported in El Dia.
Bengoa said that public works projects would be affected. The Ministry of Public Works' budget has been cut by RD$2.9 billion, government hydroelectrics RD$2.4 billion, the Presidency RD$727 million, Ministry of Environment RD$720.6 million. He said that the ministries of Education and Public Health were the only ones not affected.
More... (http://www.dr1.com/index.html#5)
Hacienda Minister Vicente Bengoa said that he had delivered a bill to the Executive Branch aimed at modifying the Budget. President Fernandez needs to sign the bill and send it to the PLD-majority Congress. A previous cut for a similar amount was used to transfer the funds to pay electricity sector arrears, as reported in El Dia.
Bengoa said that public works projects would be affected. The Ministry of Public Works' budget has been cut by RD$2.9 billion, government hydroelectrics RD$2.4 billion, the Presidency RD$727 million, Ministry of Environment RD$720.6 million. He said that the ministries of Education and Public Health were the only ones not affected.
More... (http://www.dr1.com/index.html#5)