The president of the Federation of European Chambers of Commerce in the DR, Jose Maria Cabral recommended the government implement a true austerity program in order to secure needed resources for priority public works. Cabral says that internal savings would be sufficient to carry out the public works program, making it unnecessary to appeal to foreign debt, such as the US$500 million in sovereign bonds the government seeks. Cabral said that the sovereign bonds instrument is good, but it should not be a priority at this time. “We should take all measures to implement austerity before seeking external financing,” he said.
