2003News

Bank borrowing criticized

The Association of Industries of Haina urged the government not to use the loans recently passed by Congress, as they have hidden costs as they force companies to make purchases of inputs abroad. Rafa?l Alvarez Crespo and Jorge Abbott, president and advisor to the Association, told Hoy newspaper that there needs to be more transparency behind these loans. The Senate approved the loans for US$238 million on 8 April for the construction of aqueducts nationwide. Abbott said that the contracts oblige the purchases of materials at scandalous prices, compared to what could be secured in the local market. He called for the holding of tenders to choose the suppliers.