NewsWhore
06-14-2012, 03:00 PM
The president of the National Association of Young Entrepreneurs (ANJE), Manuel Cabral Franco, says that the release of the Central Bank Preliminary Report on the Dominican Economy shows clear evidence of a slowing down of the economy and a huge increase in government spending in the first months of the year. As a result the incoming Danilo Medina administration will be faced with the huge task of reducing spending while stimulating economic activity within the context of a weakened world economy.
As noted in El Nuevo Diario, Cabral pointed out that the deficit in tax collections, some RD$8 billion "is due mostly to the over-estimation of tax income in the 2012 Budget." He also noted that in the first quarter of the year the purchase of goods and services by the government were 65% higher than those registered for the same period the year before. As a result of the excessive spending, the government had a deficit of RD$33 billion when the budget for all of 2012 has set the deficit target at RD$22 billion. Cabral also noted that the Medina administration has had to bring in the International Monetary Fund once again.
More... (http://www.dr1.com/index.html#5)
As noted in El Nuevo Diario, Cabral pointed out that the deficit in tax collections, some RD$8 billion "is due mostly to the over-estimation of tax income in the 2012 Budget." He also noted that in the first quarter of the year the purchase of goods and services by the government were 65% higher than those registered for the same period the year before. As a result of the excessive spending, the government had a deficit of RD$33 billion when the budget for all of 2012 has set the deficit target at RD$22 billion. Cabral also noted that the Medina administration has had to bring in the International Monetary Fund once again.
More... (http://www.dr1.com/index.html#5)