RD$3 billion surplus for relief

[NewsWhore]

Treasury Minister Vicente Bengoa has announced that the government would use a RD$3 billion surplus to tackle the effects of Tropical Storm Noel. Speaking yesterday, Bengoa said that the funds come from a total surplus of RD$8.6 million and that the IMF has given permission for the funds to be used. The funds will be used for public works, health, education, drinking water and dam repair efforts. Bengoa said that it was unreasonable for the DR to take out more loans to pay for relief and recovery when there was a surplus to draw on. Bengoa also explained that another complementary budget of transfers or appropriations, worth RD$7 billion, would also be sent to Congress for approval. Bengoa added that in order to combat material losses, funds from an emission of public debt in the form of bonds worth RD$5 billion would be used.

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