NewsWhore
07-11-2007, 06:20 PM
Last night the Senate of the Dominican Republic gave its approval to the bill to recapitalize the nation's Central Bank by means of a RD$320 billion bond issue. The idea behind the project is to cover the "quasi-fiscal deficit" initially taken on by the Central Bank as a result of the banking crisis of 2003-2004. Up until 2005, this "quasi-fiscal deficit" was at RD$202,104,583,810.00. The IMF sought the approval of the legislation to move on a pending review of the stand by arrangement. The plan is for the Central Bank to sell bond issues from 2007 until 2016, and thereby cover the debt.
More... (http://www.dr1.com/index.html#2)
More... (http://www.dr1.com/index.html#2)