2003 – Page 5

Hoy newspaper acknowledged their mistake in publishing that the government had not met the US$15-million initial payment for the reacquisition of power distribution companies EdeSur and Edenorte, as agreed in October with Union Fenosa of Spain. The newspaper’s economic editor, Mario Mendez, citing sources from the CDEEE, explained that he did not confirm the tip …

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The government-intervened Listin Diario reports that Union Fenosa is negotiating the sale of its Palamara (120mw) and La Vega (87.5mw) power plants with a buyer. Union Fenosa claims an investment of US$120 million in the plants, according to the Listin Diario. Reportedly, the power distributors owe Fenosa US$101 million for power supplied.

The government has not paid the subsidies to 150 public hospitals run by the Health Ministry, according to reports. Although basic pharmaceuticals are provided by the PROMESE programs, medicines for specialized care and food are very scarce. OMSA buses that cross the city for the lowest fares are also out of service because there is …

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Emam Zade told Hoy newspaper in an interview today that the budget presented by the government will worsen the situation next year. The economist would have preferred a budget for the same amount as the one used this year, of about RD$82 billion. The government, however, submit to Congress a financial plan for 2004 of …

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Jose Antonio Martinez Rojas questions the fact that the government has set aside RD$5.2 billion for the Armed Forces in its 2004 financial plan. “Are we a country at war?” asks the writer. Will there be increases to our forces in Iraq? Will we continue to buy patrol yachts to police illegal marine travelers? Will …

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During a luncheon of the Association of Puerto Plata Hotels, tourism entrepreneur Frank Rainieri said that the Dominican politicians do not understand the importance of tourism in this country, despite that sector generating 25% of the GDP and being the most dynamic sector of the economy in the past 30 years. Rainieri is president of …

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Diario Libre reports that of the 2004 budget’s total, 25% (or $30.3 billion) will go to pay wages. The newspaper says that in 2000, there were 261,006 government workers, but in 2001 this number increased to 287,727. By 2002, this figure was up yet again to 303,275, to where it currently stands at 315,615 employees. …

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Frederic Emam Zade writes in El Caribe today that the IMF’s press release on the Dominican Republic issued last week is “a wonderful example of diplomatic double-talk.” Emam Zade translates the language used in the formal document that can be read online as follows: IMF says: An IMF mission left Santo Domingo today after reaching …

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Economist Frederic Emam Zade writes today that the phenomena of “stagflation” has set in, describing the term as a recession accompanied by inflation. Stagflation is marked by a dangerous mix of high inflation (high and increasing prices) and low or negative growth. Emam Zade, in an interview with Hoy newspaper, said this is the worse …

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Frederic Emam Zade explains in Hoy newspaper today that the Central Bank errs when it does not include the number of dollars currently in circulation in the Dominican Republic in its statements. “In dollarized countries like the Dominican Republic, money in circulation is not only the pesos in circulation, plus pesos deposited in banks, but …

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