NewsWhore
08-16-2012, 04:00 PM
A panel of economists, including Fernando Alvarez Bogaert, Miguel Ceara Hatton and Ernesto Selman took a look at the economic situation facing incoming President Danilo Medina during the Corripio Media Group luncheon yesterday, Wednesday 15 August. They said that this was an economy with a fiscal deficit that will round out the year at RD$120 billion, a foreign debt of US$25 billion, weak institutions and a State-sponsored free-for-all of privileges for the few.
Selman noted that in 2008 the government had an accumulated deficit of RD$54 billion but in 2012 they will close the year with a deficit of between RD$125 and RD$128 billion. They all criticized the tax "patches" that the administration has tried to put to use. They said that the Tax Code provides incentives for the informal sector to grow rather than the formal sector. Ceara Hatton was particularly critical of what he called the "quality of the government's investments" saying that a "large part of the fiscal deficit was caused because the resources were used in the campaign. Alvarez Bogaert talked about "ostentatious spending," comparing the DR to Saudi Arabia.
More... (http://www.dr1.com/index.html#13)
Selman noted that in 2008 the government had an accumulated deficit of RD$54 billion but in 2012 they will close the year with a deficit of between RD$125 and RD$128 billion. They all criticized the tax "patches" that the administration has tried to put to use. They said that the Tax Code provides incentives for the informal sector to grow rather than the formal sector. Ceara Hatton was particularly critical of what he called the "quality of the government's investments" saying that a "large part of the fiscal deficit was caused because the resources were used in the campaign. Alvarez Bogaert talked about "ostentatious spending," comparing the DR to Saudi Arabia.
More... (http://www.dr1.com/index.html#13)