Hoy newspaper gave front page coverage to the concern of Technical Secretary of the Presidency Temistocles Montás that the Dominican Republic has become a net exporter of capitals. The Dominican Republic is disbursing more for interest rate payments and amortizations than the flow of capital it is receiving for new loans. This is so primarily because the nation is paying out debt dating back to the 70s and 80s. Montás made the statement at a meeting at the National Palace with John Pancer, representive of the World Bank, and Stephen McGauhey, representative of the InterAmerican Development Bank. The meeting was held with the representatives and most cabinet ministers and directors of autonomous and decentralized government organizations. The status of present and future loans was analyzed at the meeting. The portfolio of loans under executiion with the IDB is US$578 million, of which only US$303.7 million has been disbursed, or 44.6%. Montas pointed out that of the World Bank loans portfolio of US$179.5 million only US$9 million had been disbursed from 30 April. In the past four years, the DR has disbursed more than US$1,000 million in interest and principal payments, much more than what has been received. The government is discussing financing for US$321 million with the IDB, and US$221 million with the World Bank.
