NewsWhore
02-19-2008, 01:50 PM
Economy Minister Temistocles Montas announced that the Ministry had opened a letter of credit in a local commercial bank to pay promissory notes that are due this year, as reported in Listin Diario. With this statement, the Dominican government is acknowledging that the promissory notes are in fact part of the country's public debt. The government had previously said that these were private debt. The promissory notes were issued irregularly, without approval from Congress or registration with the office of public credit. Felix Bautista, of the Presidency's Supervisory Public Works Engineering Office, signed the notes. The notes are part of a series totaling US$130 million issued over the course of 2006 to SunLand Corp. These were subsequently transacted on international capital markets to other investors.
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