DR1 Daily News - Dominican Republic

Magín Díaz / Diario Libre

The volatility of the international commodity markets, especially petroleum and its derivatives, has tasked the Dominican government to assess the situation seriously. Minister of Hacienda and Economy, Magin Diaz, has stated that this is a serious crisis, and it will have a direct effect on the Dominican Republic.

The statement came after an all-hands meeting with President Abinader, the Vice President, Raquel Peña, and all of the cabinet in attendance. Minister Diaz noted that the barrel of oil had increased by as much as 70% in a question of days, and, in answer to this, the government has laid out three points: the preservation of macro-economic stability; guarantee fiscal sustainability; and protect social stability.

During the meeting, the government discussed setting aside RD$12.0 billion as a fuel subsidy based on the budgeted projection of West Texas...