NewsWhore
02-28-2011, 02:20 PM
In his Independence Day speech, President Leonel Fernandez mentioned that the public sector foreign debt was 36% of GDP, or some US$18.2 billion. "At present, the DR is not facing a devaluation or a loss of confidence in its currency. As a fact, in 2010 bonds were placed on the international market at the lowest interest rate," he said. He said that the government paid US$8 billion from 2005-2010 on the non-financial public debt, as reported in El Caribe.
President Fernandez reviewed the evolution of the DR economy, highlighting its continued growth and measures adopted by the government to face the present global crisis. He stressed that the country had attracted capital investments of US$2.9 billion last year, there was an increase in tourism that generated foreign exchange for US$4.2 billion, US$160 million more than last year. He also announced continued initiatives to support small-scale farming producers.
He said that the goals are to maintain economic stability during the second half of 2010 when the government reduced public spending by RD$40 billion.
He blamed international speculators and the futures contracts for the rising costs of food commodities and petroleum on international markets. "That is the great shame of our times. It is an immoral and unacceptable act."
As reported in Diario Libre, the President said that the government's handling of the fiscal and monetary policy has been praised by investors that deal in Dominican sovereign debt on international markets. He defended debt levels saying they were sustainable as long as there is no devaluation process and no loss of confidence in the local currency at the international level.
He stated that because of the economic stability sustained during the past year, the country managed to make progress towards the goals set by the government in the areas of job creation, fighting poverty, increasing investment in education, health, social security and social protection.
More... (http://www.dr1.com/index.html#3)
President Fernandez reviewed the evolution of the DR economy, highlighting its continued growth and measures adopted by the government to face the present global crisis. He stressed that the country had attracted capital investments of US$2.9 billion last year, there was an increase in tourism that generated foreign exchange for US$4.2 billion, US$160 million more than last year. He also announced continued initiatives to support small-scale farming producers.
He said that the goals are to maintain economic stability during the second half of 2010 when the government reduced public spending by RD$40 billion.
He blamed international speculators and the futures contracts for the rising costs of food commodities and petroleum on international markets. "That is the great shame of our times. It is an immoral and unacceptable act."
As reported in Diario Libre, the President said that the government's handling of the fiscal and monetary policy has been praised by investors that deal in Dominican sovereign debt on international markets. He defended debt levels saying they were sustainable as long as there is no devaluation process and no loss of confidence in the local currency at the international level.
He stated that because of the economic stability sustained during the past year, the country managed to make progress towards the goals set by the government in the areas of job creation, fighting poverty, increasing investment in education, health, social security and social protection.
More... (http://www.dr1.com/index.html#3)