2003 – Page 54

Diario Libre reported on Saturday that the Mejia government owes the state commercial bank Banreservas a sum of RD$12 billion, RD$3 billion of which was lent to the farming sector. The government owes other commercial banks RD$6.4 billion, amounting to a RD$18.4 million debt – almost three times the level of debt with domestic banks …

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President Hipolito Mejia distanced his government from the economic crisis that has beset the country, as he spoke on the “Una vez a la semana” program broadcast on the state TV station, Channel 4. As reported in Hoy newspaper, the government attributed the current economic difficulties to problems beyond its control – namely the collapse …

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President Hipolito Mejia will visit Panama, Bolivia and Brazil and participate in two summit conferences of Latin American and Asian chiefs of state. Meetings with US officials are also on the agenda. Next Monday the President will travel to Panama to meet with leaders from Asia, Central America, the Caribbean and attend Panamanian Independence Day …

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The vice-president of the Chamber of Deputies is pushing a bill that would eliminate the Dominican Municipal League, the bureaucracy whose only purpose is to serve as an intermediary between the central and city governments. PRD deputy Manuel Sanchez Carrasco, the main promoter of the bill that will be presented to the Chamber this week, …

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Marisol Vicens, the president of the National Association of Young Entrepreneurs (ANJE), warned that the increase in the exchange commission for dollars used on imports, as recently approved by the Monetary Board, was in violation of the Monetary Code. She said that ANJE would take the case to the Supreme Court.

The much-debated 5% surcharge on exports is still alive and well, according to Rafael Calderon, the Minister of Finance. According to Daniel Garcia from El Caribe, various sectors of the economy had not yet recovered from the 5.25% hike in the exchange commission when the Calderon announced that the 5% surcharge on exports would this …

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Economist Bernardo Vega came out and said it: The best thing for this country is that the US Congress does not approve the Free Trade Agreement with Central America and the Dominican Republic right away. In his opinion, the protectionist sentiment in Washington, especially during an election year, is a negative factor. Vega considers this …

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Fitch Ratings, the international rating agency, joined Standard & Poor, Morgan Stanley, Moody’s, the Economist Intelligence Unit, Bear Stearns and other international agencies that monitor the performance of countries with bonds placed in international capital markets, giving a thumbs down to the performance of the Dominican economy. The agency demoted the Dominican Republic’s foreign and …

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The Listin Diario reports that the mediation team within the PRD party is trying to bring about a party summit with President Mejia in attendance. Commission member Tirso Mejia Ricart told reporters that a suggestion made by Rafael Subervi Bonilla, one of the potential candidates, was accepted by the commission and the PPH faction expressed …

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