According to the Central Bank, government tax collections were down 14% and government spending is up 24% for the first half of the year. The statistics reflect the unexpected spending for Covid-19 and the change of administrations. The Central Bank reports that revenues are 7.5% below the estimates included in the supplementary budget passed to compensate for dwindling revenues.
The Central Bank reports that central government operations register a net debt of RD$136.8 billion, or 3% of the Gross Domestic Product (GDP) estimated for 2020.
The good news, though, is that the monetary authorities have been able to keep international reserves at adequate levels despite the collapse of the tourism industry, the country’s most important source of hard currency. The gross international reserves reached US$7.17 billion, a level that as a proportion of the Gross Domestic...
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