NewsWhore
05-07-2007, 04:40 PM
According to Temistocles Montas, the Minister for Economy, Planning and Development (MEPD), the government has included US$20 million of the Verizon tax windfall in this year's budget. However, if it wants to use more of the money, it will need to specify, in a bill before the Congress, just what the money will be used for. The minister said that 50% of the remaining funds would be used next fiscal year. In December 2006, Verizon paid the Dominican government US$170 million in a settlement on its sale of its DR telephone assets to America Movil, the Mexican company headed by billionaire Carlos Slim Helu. Montas said the use of the Verizon funds had been cleared with the IMF. While nothing specific was said about the use that might be given to the additional US$65 million, Montas said that the funds were there if needed. The US$20 million are supposed to be allocated to housing projects in areas affected by the Santo Domingo metro project.
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