The Senate passed last night a bill that authorizes the Executive Branch to make a placement of US$500 million in sovereign bonds. The money will be allotted to 83 projects nationwide with the President having the last word on these. The bill had the support of 21 of 22 senators that were present at the session. El Caribe newspaper reports that the Senate modified the sovereign bonds bill setting a seven year expiration term, and a 5% discount ceiling. The senators also eliminated the possibility of the Presidency making a new placement without congressional approval. During the same session, the senators approved an additional US$200 million in financing. This includes the US$143 million project promoted by Minister of Agriculture Eligio Jaquez that calls for the construction of a central marketplace in Santo Domingo and green houses and cold storage rooms in Constanza, Santo Domingo, Bani, La Vega, and San Juan. The senators also passed a US$52 million loan with the Interamerican Development Bank for improving high school education. Also approved was a US$4.4 million loan with Taiwan to modernize Congress and the Chamber of Accounts. The bills pass on to the Chamber of Deputies.
