NewsWhore
02-28-2008, 04:20 PM
"We are better off now than we were four years ago," President Leonel Fernandez told Dominicans during his address to the nation from Congress on the occasion of the DR's 164th Independence Day celebrations. Fernandez highlighted public works completed by the current administration and commented on the International Monetary Fund's congratulations for "helping restore confidence, propagating strong economic growth, with single digit inflation, reduced debts, strength in the foreign markets and a strengthened financial sector."
The President said that while there have been some successes, it would be a mistake to think the country has become like John Milton's Paradise Lost or an idyllic place that only exists in fiction. "The truth is that difficulties and great challenges lie ahead. The nation's dilemma is that it has unresolved issues from the past and urgent needs for the present and the future."
Fernandez, who is seeking re-election, reminded the public of the economic situation during the opposition PRD party's administration, when he said inflation was at around 55%, interest rates were at 34% and unemployment was at 19.7%. He compared this to the present day 9.5% growth in GDP, 7.1% inflation, 15.5% unemployment, a stable exchange rate of RD$33.1 per US$1 and interest rates of 15.5%.
According to Fernandez, international reserves have reached all-time highs and the percentage of debt as a percentage of the GDP has decreased to 39.1%.
The President went on to say that poverty has decreased by 7%, and is now pegged at 36.7%. Continuing to highlight the successes of his administration, Fernandez said that during the last three years the tourism sector has generated US$791 million for the economy and that last year alone the DR received four million tourists, and that real estate investment was more than US$1.4 billion.
With regard to agriculture, he reported the government has capitalized the Banco Agricola with RD$4.5 billion, which has increased the bank's credit portfolio by 35%. Turning to the energy sector, Fernandez said that the Guaigui dam project would be restarted next week and promised that by 2012 rolling blackouts, which are still common in the DR, would be a thing of the past.
Fernandez also praised the increase in citizen health coverage, by 98.5%, and commented on the success of the Family Health Plan (SFS). Finally Fernandez commented on the fact that the education budget has increased from 2.8% to 4.4% of the GDP. He added that the lack of investment isn't due to the lack of political will, but to the need to pay off public debt.
More... (http://www.dr1.com/index.html#2)
The President said that while there have been some successes, it would be a mistake to think the country has become like John Milton's Paradise Lost or an idyllic place that only exists in fiction. "The truth is that difficulties and great challenges lie ahead. The nation's dilemma is that it has unresolved issues from the past and urgent needs for the present and the future."
Fernandez, who is seeking re-election, reminded the public of the economic situation during the opposition PRD party's administration, when he said inflation was at around 55%, interest rates were at 34% and unemployment was at 19.7%. He compared this to the present day 9.5% growth in GDP, 7.1% inflation, 15.5% unemployment, a stable exchange rate of RD$33.1 per US$1 and interest rates of 15.5%.
According to Fernandez, international reserves have reached all-time highs and the percentage of debt as a percentage of the GDP has decreased to 39.1%.
The President went on to say that poverty has decreased by 7%, and is now pegged at 36.7%. Continuing to highlight the successes of his administration, Fernandez said that during the last three years the tourism sector has generated US$791 million for the economy and that last year alone the DR received four million tourists, and that real estate investment was more than US$1.4 billion.
With regard to agriculture, he reported the government has capitalized the Banco Agricola with RD$4.5 billion, which has increased the bank's credit portfolio by 35%. Turning to the energy sector, Fernandez said that the Guaigui dam project would be restarted next week and promised that by 2012 rolling blackouts, which are still common in the DR, would be a thing of the past.
Fernandez also praised the increase in citizen health coverage, by 98.5%, and commented on the success of the Family Health Plan (SFS). Finally Fernandez commented on the fact that the education budget has increased from 2.8% to 4.4% of the GDP. He added that the lack of investment isn't due to the lack of political will, but to the need to pay off public debt.
More... (http://www.dr1.com/index.html#2)