The Dominican government must receive more than US$302 million in loans to be able to finalize the deal with Spanish power company Union Fenosa, formerly responsible for two-thirds of the energy distributed in the DR, according to the Technical Secretary of the Presidency, Temistocles Montas. A report in El Caribe states that the deadline for the operation is in December. The money will be sought through international loans. He stated that if the current administration had not recognized the agreement signed with Union Fenosa during the past administration of Hipolito Mejia, problems could have arisen in the DRs relations with the government of Spain. The past administration bought back Union Fenosa’s shares in the energy distribution companies in September 2003 in a move that was criticized by the PLD. Listin Diario reports that the government will save US$104 million after signing a memorandum of understanding with Union Fenosa for the re-purchase of the debt it had assumed with the Spanish company with the objective of improving the financial and operational profile of EdeNorte and EdeSur power distribution companies. The memorandum authorizes the Dominican government to re-purchase the debt from 1 September to 30 December this year.