NewsWhore
07-12-2012, 03:00 PM
The Senate declared the legislation urgent and approved the Complementary Budget proposal in two readings yesterday, Wednesday 11 July. The complementary budget is designed to meet the fiscal deficit the government ran up during the months leading to the 20 May presidential election.
This proposal modifies the expenditures of the current fiscal year by RD$71.5 billion. The Senate also authorized the Ministry of Hacienda to issue bonds for US$500 million to subsidize the electricity sector. These proposals will be heard in today's session of the Chamber of Deputies, where they are expected to be approved urgently.
Once the obstacles were overcome, with the elimination of the US$1.6 billion in loans and the modification of article seven, the senators accepted a report by a joint commission that recommended the approval of the legislation with an addendum sent by the Executive Branch. The modification of article seven limits the funds from foreign sources that the institutions can use in advance and charge to the Banco de Reservas to 1% of the total of the General Budget.
Senators Tommy Galan, Felix Nova and Jose Rafael Vargas did not sign the reports, which together with the projects were accepted by 24 votes. Galan did not vote for the bonds and Nova and Vargas did not attend the session and sent apologies. Senators Manuel Paula, Eddy Mateo, Juan Orlando Mercedes and Jose Maria Sosa questioned the elimination of the US$1.6 billion in loans for infrastructure projects from the proposal.
Senate president Reinaldo Pared Perez admonished the senators and said that including those loans was unconstitutional and a violation of the Budget Law, because it constituted a new budget. He reminded them that they were elected on the PLD ticket and that if they had stood for election independently none of them would have been elected.
More... (http://www.dr1.com/index.html#1)
This proposal modifies the expenditures of the current fiscal year by RD$71.5 billion. The Senate also authorized the Ministry of Hacienda to issue bonds for US$500 million to subsidize the electricity sector. These proposals will be heard in today's session of the Chamber of Deputies, where they are expected to be approved urgently.
Once the obstacles were overcome, with the elimination of the US$1.6 billion in loans and the modification of article seven, the senators accepted a report by a joint commission that recommended the approval of the legislation with an addendum sent by the Executive Branch. The modification of article seven limits the funds from foreign sources that the institutions can use in advance and charge to the Banco de Reservas to 1% of the total of the General Budget.
Senators Tommy Galan, Felix Nova and Jose Rafael Vargas did not sign the reports, which together with the projects were accepted by 24 votes. Galan did not vote for the bonds and Nova and Vargas did not attend the session and sent apologies. Senators Manuel Paula, Eddy Mateo, Juan Orlando Mercedes and Jose Maria Sosa questioned the elimination of the US$1.6 billion in loans for infrastructure projects from the proposal.
Senate president Reinaldo Pared Perez admonished the senators and said that including those loans was unconstitutional and a violation of the Budget Law, because it constituted a new budget. He reminded them that they were elected on the PLD ticket and that if they had stood for election independently none of them would have been elected.
More... (http://www.dr1.com/index.html#1)