NewsWhore
10-29-2007, 04:20 PM
According to a letter from the Central Bank, 10 promissory notes, totaling US$22 million from a prior suspended commitment in which Sun Land also intervened during the Mejia administration were converted into public debt and are being paid by Dominican taxpayers regardless of the fact that the project for which they were contractually taken on was never executed. Diario Libre reports that this was the case of housing for teachers through the Instituto Nacional de la Auxilios y Viviendas (INAVI) and the national housing institute (INVI). The US$115 million contract was approved by Congress in November 2001. The director of INAVI, Aristipo Vidal says that the cap on borrowing set by the International Monetary Fund limited the implementation of the deal. "We found the contract signed with financing with the US government export promotion agency, US Exim Bank for 15,000 homes, but it was never executed in the past government and when we came, due to the agreement with the IMF there was a cap on taking on foreign debt and the contract was postponed. But Diario Libre says the government is still liable, and US$22.4 million was registered as foreign debt for the 10 promissory notes, according to a letter the Central Bank sent to Sun Land.
Diario Libre also reports on the signing of a power of attorney by President Fernandez to the Ministry of Finances authorizing the signing of a new loan and exchange of debt with Argo Fund Limited that purchased the loans of Sun Land and two other companies identified as Fortis S.A. and Child Safe Products. Child Safe Products was responsible for the failed construction of sports facilities nationwide, most of which were never completed despite the nation taking on costly financing during the Mejia administration.
More... (http://www.dr1.com/index.html#13)
Diario Libre also reports on the signing of a power of attorney by President Fernandez to the Ministry of Finances authorizing the signing of a new loan and exchange of debt with Argo Fund Limited that purchased the loans of Sun Land and two other companies identified as Fortis S.A. and Child Safe Products. Child Safe Products was responsible for the failed construction of sports facilities nationwide, most of which were never completed despite the nation taking on costly financing during the Mejia administration.
More... (http://www.dr1.com/index.html#13)