NewsWhore
11-09-2006, 05:30 PM
The European Union is to donate EUR53 million to the Dominican Republic with most of the money going towards combating poverty. The National Organizer for European Development Funds (ONFED) will oversee the project. The funds will also be used to strengthen public policy and help in the macroeconomic reforms required by the IMF agreement. The money will be given out over a two-year period between 2006 and 2008 and that EUR38 million will be disbursed as "direct budget support," EUR5 million towards Institutional Support for Regional Integration, and EUR10 million for Institutional Support for the Management of Public Finance. Diario Libre reports that the money will be added to the national budget instead of being handled through separate projects. EU ambassador Dino Sinigallia said that the donation is aimed at helping the country fulfill its Millennium Development Goals.
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