The Executive Secretary of the Economic Commission for Latin America and the Caribbean (CEPAL), Jose Antonio Ocampo, spoke yesterday in Chile of the Dominican economy’s improvement in the second quarter of the year. He recommended the consolidating of strong fiscal policies that may permit an increase in social spending. He said social expenditures in the DR are among the lowest in Latin America. El Caribe says the sovereign bonds were also debated at the ECLAC meetings. Ocampo said the placement would not imperil the economy, but he did not feel it would be a positive factor. President Mejia insisted on the need for the placement. “All the other Latin American countries are into sovereign bonds,” President Mejia insisted when Ocampo said some countries have abstained from participating in the international capital markets. Nevertheless, Ocampo said Dominican foreign indebtedness is low at 18% compared to 30% for the region. ECLAC has forecast the DR will grow 3.5% at year’s end, compared to the 2% average for the region.
