2004 – Page 282

The International Monetary Fund mission chief to the Dominican Republic has spoken favorably of the Central Bank’s efforts to strengthen monetary controls. Marcelo Figuerola said in a communique released on Wednesday evening: “The Central Bank has embarked on a strengthening of monetary control to increase demand for peso-denominated assets and reduce the inflation rate significantly …

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Inter-American Development Bank president Enrique Iglesias has welcomed the economic policy measures the government has made in fulfilling the International Monetary Fund’s prerequisites, as part of the technical agreement with the IMF. In a statement, also issued yesterday, Iglesias announces a proposal for the IDB to approve an emergency loan of US$200 million for the …

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The president of the Association of Haina Industries and Businesses, Rafael Alvarez Crespo, criticized the decision of the Central Bank to increase the interest rates to which commercial banks set their rates. The CB announced on Tuesday an increase in the interest rate to be charged by the so-called Ventanilla Lombarda from 45% to 55%, …

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The president of the National Association of Young Entrepreneurs, Manuel Diez Cabral, alerted deputies not to rush the financial risk bill through Congress as received from the Senate, as changes have been made that contradict the spirit of the law. Deputies have been told they must approve the bill by today because it is a …

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The news for the agricultural sector continues to be gloomy, with very few Dominican products said to be on the FTA list of products due for removal of trade tariffs, according to economist Frederic Emam Zade in Hoy newspaper. Out of 8,000 products on the list, just 600 are of Dominican origin – less than …

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There has been a noticeable increase in power outages over the last few days, and the reason is the government’s failure to pay its debts to the electricity companies. Yesterday’s deficit was estimated at 300mHw, and the government owes the electricity companies an estimated US$350 million. Power distribution companies Edenorte and Edesur have announced a …

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Yesterday, 21 January, was the day that Dominican Catholics (who make up the vast majority of the population) celebrate “El Dia de la Virgen de la Altagracia”, traditionally marked by a pilgrimage to the eastern city of Higuey, where there is a Basilica in the honor of the Virgin Mary. The statements of the two …

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Following several days of rumors, it was confirmed yesterday in El Caribe newspaper that the chief justice and head of the Supreme Court, Jorge Subero Isa, is under pressure, reportedly from the highest levels of government, to resign his post. According to some reports, he is being offered a plum diplomatic posting as compensation. Subero …

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Former Attorney General Francisco Dominguez Brito is paraphrased in the Listin Diario as saying that Subero Isa has made a great effort and has had to swim in many difficult waters and his resignation would be a blow to Dominican democracy. He said that were he to leave now, his departure would coincide with many …

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Cardinal Nicolas de Jesus Lopez Rodriguez celebrated mass at the Santo Domingo Cathedral yesterday, and made the Subero Isa affair a central part of his sermon. He said that the chief justice should resist pressure to resign and instead entrench himself in his post. Lopez Rodriguez said that the PPH had no business interfering in …

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