NewsWhore
09-21-2012, 01:50 PM
Central Bank governor Hector Valdez Albizu has called for optimism regarding the Dominican economy, despite the burden of a rising government deficit. He said that the government would deal with the fiscal deficit by implementing an integrated fiscal reform that involves major cuts in government spending, an increase in income and institutional strengthening.
Valdez Albizu said: "The Dominican Republic has the tools to guide the country on a path of sustained growth with stability, improving the quality of spending on education and the most needy sectors," he said in a press conference yesterday, Thursday 20 September to report on the recently concluded visit by the IMF mission.
He said that the Medina government has already begun giving signs of applying an austerity program, and that it would take two or three years to correct the fiscal deficit.
"Dominicans must have faith in the government and bet on the future with optimism," he said, speaking at the press conference. Valdez said the country has one of the highest rates of foreign investment in Latin America and forecast that this year's growth will be 4% or more, while in Latin America the average is 2.9%, in the United States it is 1.9% and the European Union countries are expected to decline 0.5%.
Valdez said the most difficult situation is that affecting the electricity sector.
He said the country would sign an agreement with the IMF as soon as possible, although the kind of agreement has not yet been defined. The Central Bank governor said the IMF mission would return within three or four weeks for more talks on the program. He announced that President Danilo Medina would soon be meeting with the Economic and Social Council to discuss the fiscal reform. These agreements will be the base of the 2013 National Budget.
www.listindiario.com/economia-y-negocios/2012/9/20/248029/RD-tiene-bajo-control-bases-de-su-economia (http://www.listindiario.com/economia-y-negocios/2012/9/20/248029/RD-tiene-bajo-control-bases-de-su-economia)
More... (http://www.dr1.com/index.html#3)
Valdez Albizu said: "The Dominican Republic has the tools to guide the country on a path of sustained growth with stability, improving the quality of spending on education and the most needy sectors," he said in a press conference yesterday, Thursday 20 September to report on the recently concluded visit by the IMF mission.
He said that the Medina government has already begun giving signs of applying an austerity program, and that it would take two or three years to correct the fiscal deficit.
"Dominicans must have faith in the government and bet on the future with optimism," he said, speaking at the press conference. Valdez said the country has one of the highest rates of foreign investment in Latin America and forecast that this year's growth will be 4% or more, while in Latin America the average is 2.9%, in the United States it is 1.9% and the European Union countries are expected to decline 0.5%.
Valdez said the most difficult situation is that affecting the electricity sector.
He said the country would sign an agreement with the IMF as soon as possible, although the kind of agreement has not yet been defined. The Central Bank governor said the IMF mission would return within three or four weeks for more talks on the program. He announced that President Danilo Medina would soon be meeting with the Economic and Social Council to discuss the fiscal reform. These agreements will be the base of the 2013 National Budget.
www.listindiario.com/economia-y-negocios/2012/9/20/248029/RD-tiene-bajo-control-bases-de-su-economia (http://www.listindiario.com/economia-y-negocios/2012/9/20/248029/RD-tiene-bajo-control-bases-de-su-economia)
More... (http://www.dr1.com/index.html#3)