Senate approves US$185 million in loans

[Dolores]

The Dominican Senate on Wednesday, 11 September 2024 approved a trust agreement between the Infrastructure Development Fund (FDI), signed between the Dominican state, represented by the Ministry of the Presidency, and Fiduciaria Reservas. The Senate also confirmed loans in a second reading totaling US$185 million.

During the session, senators approved an amendment to modify the interest rate of several agreements and replaced LIBOR with SOFR.

The London Interbank Offered Rate (LIBOR) was a benchmark interest rate for short-term loans between major global banks. The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. The main difference between SOFR and LIBOR is how the rates are produced. While LIBOR is based on panel bank input, SOFR is a broad measure of the cost of borrowing...

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[CristoRey]

This is a huge part of the problem this country is facing. Most the Senators who are responsible for approving these loans
haven't yet declared their assets.

The agency states that the change that operates in the asset declarations is exclusively in how to identify the origin of the assets that are declared.

The Chamber of Accounts ( CCRD ) clarified on Thursday that the change that has taken place in the system of sworn declarations of assets of officials is related exclusively to how to identify the origin of the assets that, in documentation, are submitted to that body to strengthen transparency and accountability.


In a press release, the Court recalled that Law 311-14 of 2014 and its implementing regulations of 2016 are the ones being applied, so there have been no changes to the regulations and requirements existing since the last period, "so that all the requirements that declarants must meet remain the same."

Regarding the legislator's complaint that the privacy of congressmen was being violated with the alleged new requirements, the governing body responsible for the sworn declaration system responded that " a public official does not have private property from scrutiny" and that "it is common knowledge that information on sworn declarations is public . "

He cited the Constitutional Court ruling TC/0405/21, which states that “any person who puts his or her skills, abilities and knowledge at the service of the State must be aware of the duty he or she assumes to account not only for his or her management but also for the transparency regarding the origin of his or her assets before any competent authority, at any time. This should never be interpreted as an impairment of his or her fundamental rights but rather as compliance with the obligations inherent to his or her position, in accordance with the provisions of article 16 of the aforementioned Law No. 311-14 (…)”.

The Court of Auditors specifies that the change that has taken place for the declarations “is the traceability of the documentation, which is a mechanism for strengthening transparency.”

Senator Alexis Victoria Yeb , from the María Trinidad Sánchez province, said during a turn in the Senate session on Wednesday that the Chamber of Accounts requests documents that “violate people's privacy ,” such as road maps to the countries where they travel and credit card statements.

On Monday, September 16, time expires
The Chamber of Accounts also reminded those who took office on August 16 that the deadline to submit their sworn declaration in a timely manner expires next Monday, September 16 .

They have not complied
According to the oversight body , the asset declaration platform shows that, by the close of September 11, 2024, out of 190 deputies , only 95 declarations had been opened, meaning that the code was provided to the congressmen to start the process, which they have not concluded.

Of those 95, “less than 20 have been notified for review to CCRD , prior to their deposit,” and those that are most advanced are because after depositing, they are asked for more documentation to comply with the conditions of the declaration and conclude the procedure.

Of the 32 senators , only 16 have interacted with the system, of which only 4 have been notified to CCRD to start the process. “ Likewise, most of the interactions were from September 6 of this year, close to the deadline,” the organization concluded.

Source: GenteTuYa.com

La cámara de Cuentas responde a senador que afirma exigencias para declarar bienes violan su privacidad – GenteTuya.com

gentetuya.com

 

[MiamiDRGuy]

Time for reforum and change the DR gov't rest assured that these fools need to declare whatever they have. These loans mostly will go in their pockets. It needs to stop