UK to extend credit line for Dominican Republic to £4 billion

[Dolores]

President Luis Abinader received United Kingdom Ambassador Mockbul Ali on Tuesday, 6 June 2023 at the Presidential Palace and announced the UK government is making available a line of credit to the country for £4 billion. The announcement coincides with the visit of Baroness Gloria Hooper, special trade envoy of UK Prime Minister Rishi Sunak.

The British Ambassador announced the signing of a Memorandum of Understanding (MoU) for the financing intended to provide resources for the execution of strategic infrastructure projects, including water, public health and transportation, providing it with one of the most extensive country coverage in the Latin American and Caribbean region.

Ambassador Mockbul Ali said that this MoU is part of a broader cooperation that reflects the strengthening of the bilateral relationship over more than 170 years of friendship, which today he said is reaching new...

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[MariaRubia]

Why? That's the equivalent of five thousand million dollars.

 

[aarhus]

Why? That's the equivalent of five thousand million dollars.

You should be able to find out why easier than any of the rest of us.

 

[johne]

Why? That's the equivalent of five thousand million dollars.

Maria...I think you made a mistake in how to write what you meant to write. "five thousand million"...no, because millions are written before you write the "thousands".

 

[johne]

You should be able to find out why easier than any of the rest of us. You are a brit working as a business person in the DR.

So, how does that make her more qualified to know what the government has in mine.Follow the money. A couple of days ago the gub "released" billions of dollars into the public for investment. They said they had it. Nooo, they have it now and will pay interest on the new debt.
I know nothing about caps on spending in the DR. Only in the USA. I have a handicap in understanding the ways and means of the DR. Perhaps it is part of how they manipulate the peso?? IDK.

 

[JD Jones]

Maria...I think you made a mistake in how to write what you meant to write. "five thousand million"...no, because millions are written before you write the "thousands".

A thousand million is 1 billion.

 

[AlterEgo]

A thousand million is 1 billion.

I’ll never get used to the way they say that in DR.

 

[johne]

Five billion is written with 9 zeros. as $5,000,000,000.

 

[chico bill]

A thousand million is 1 billion.

Some on DR1 have never had a billion

 

[chico bill]

No mention of the high interest rate the UK will be charging ?

 

[johne]

No mention of the high interest rate the UK will be charging ?

Now there you go spoiling all the fun. No interest, no?

 

[MariaRubia]

No mention of the high interest rate the UK will be charging ?

It's sovereign debt, so I imagine it will be at the Bank of England base rate.

 

[MariaRubia]

We all know that the DR has got a bad reputation for exporting a certain type of powder (obviously completely untrue and unjustified). And having these big trade agreements in place with rich countries, which give an official nod to the movement of very large amounts of money, probably without much scrutiny, could prove incredibly useful. Or maybe I'm just being old and cynical.

 

[El Hijo de Manolo]

We all know that the DR has got a bad reputation for exporting a certain type of powder (obviously completely untrue and unjustified). And having these big trade agreements in place with rich countries, which give an official nod to the movement of very large amounts of money, probably without much scrutiny, could prove incredibly useful. Or maybe I'm just being old and cynical.

Cocaine?

 

[lifeisgreat]

It’s MOU.….worth as much as toilet paper..

 

[johne]

It’s MOU.….worth as much as toilet paper..

Ah! Good catch. Lesson to Johne to READ more carefully (ie MOU). That was clear in OP. My bad. Thanks.