NewsWhore
11-02-2006, 02:00 PM
Finance Minister Vicente Bengoa has announced a budget of RD$200 billion for 2007, RD$38 billion less than the RD$238 billion budgeted for 2006. Revenues for this year have not met the approved budget, and only RD$179 billion are expected by year's end so the 2007 budget would be approximately RD$21 billion more than the actual budget of 2006.
The budget was announced yesterday during a meeting between the government's financial advisors and a technical group from the IMF, and will be sent to the President on Friday for executive approval, after which it will be sent to Congress. During the meeting, held at the Hermanas Mirabal Hall at the Presidential Palace, the pending fiscal reform was discussed with IMF officials, from which the government hopes to collect, according to Hoy newspaper, an extra RD$18 billion for the 2007 fiscal period. Diario Libre reports that this sum will total 1.5% of the total GDP, which is in fact the necessary amount required in order for the country to comply with the terms of the IMF's Stand-by agreement. The agreement could be extended until 2008.
Listin Diario reports that the reform includes new taxes that weren't included in the last fiscal reform. A 15% decrease in government spending was announced. Bengoa also announced that the budget should be passed before 22 December, along with a set of bills aimed at improved fiscal administration. During the meeting, where the fifth and sixth revisions of the Stand-by agreement were discussed, IMF representatives said that the Dominican economy is doing well, with reduced inflation levels, that the country is not incurring excessive debt, and is not party to excessive spending. Andy Wolfe, head of the IMF mission in the country, did however point out that the country could do better in its fiscal efficiency.
More... (http://www.dr1.com/index.html#1)
The budget was announced yesterday during a meeting between the government's financial advisors and a technical group from the IMF, and will be sent to the President on Friday for executive approval, after which it will be sent to Congress. During the meeting, held at the Hermanas Mirabal Hall at the Presidential Palace, the pending fiscal reform was discussed with IMF officials, from which the government hopes to collect, according to Hoy newspaper, an extra RD$18 billion for the 2007 fiscal period. Diario Libre reports that this sum will total 1.5% of the total GDP, which is in fact the necessary amount required in order for the country to comply with the terms of the IMF's Stand-by agreement. The agreement could be extended until 2008.
Listin Diario reports that the reform includes new taxes that weren't included in the last fiscal reform. A 15% decrease in government spending was announced. Bengoa also announced that the budget should be passed before 22 December, along with a set of bills aimed at improved fiscal administration. During the meeting, where the fifth and sixth revisions of the Stand-by agreement were discussed, IMF representatives said that the Dominican economy is doing well, with reduced inflation levels, that the country is not incurring excessive debt, and is not party to excessive spending. Andy Wolfe, head of the IMF mission in the country, did however point out that the country could do better in its fiscal efficiency.
More... (http://www.dr1.com/index.html#1)