NewsWhore
12-20-2010, 03:50 PM
Economist Bernardo Vega told Hoy that apparently the government does not plan to reduce borrowing. He said in the addendum to the budget, another 26 loans were included, of which 13 are with private banks at commercial interest rates. Payments on these loans would have to commence in 2012. He mentioned that the 13 commercial loans included in the 2011 budget add up to US$1.43 billion, and have been contracted without tenders and without transparency.
Vega, a former Central Bank governor, made the comments on the year's end economic debate program of TeleAntillas, Channel 2. He said that 2011 should be a year of austerity because the agreement with the IMF ends in 2012. "If adjustments are not made, next year we will have problems," he forecast. He mentioned that while the agreement with the IMF does not establish ceilings on indebtedness, there are provisions for reducing the level of indebtedness.
In general, he forecast the economy would grow 4-5% in 2011, but the growth would depend on the price of petroleum, and the fulfillment of the agreement with the IMF and on reducing the present fiscal deficit. He also warned that tourism could be affected by the cholera outbreak.
He also alerted that the opening of the markets in Cuba could have a major impact on the DR because of levels of qualified labor there and other advantages.
More... (http://www.dr1.com/index.html#5)
Vega, a former Central Bank governor, made the comments on the year's end economic debate program of TeleAntillas, Channel 2. He said that 2011 should be a year of austerity because the agreement with the IMF ends in 2012. "If adjustments are not made, next year we will have problems," he forecast. He mentioned that while the agreement with the IMF does not establish ceilings on indebtedness, there are provisions for reducing the level of indebtedness.
In general, he forecast the economy would grow 4-5% in 2011, but the growth would depend on the price of petroleum, and the fulfillment of the agreement with the IMF and on reducing the present fiscal deficit. He also warned that tourism could be affected by the cholera outbreak.
He also alerted that the opening of the markets in Cuba could have a major impact on the DR because of levels of qualified labor there and other advantages.
More... (http://www.dr1.com/index.html#5)