The Public Electricity Corporation (CDEEE) paid RD$514,870,000 on account to the nation’s electricity generators yesterday, 9 September. The money came from the sale of the bonds authorized by Congress and a US$100,000,000 loan from the Banco de Reservas. CDEEE executive vice president Ruben Jimenez Bichara told El Caribe reporters that the payment was possible thanks in part to the collaboration of the governor of the Central Bank, Hector Valdez Albizu, and the Minister of Hacienda, Simon Lizardo Amezquita who resolved some issues, such as the 2% surcharge on the bonds and the return to the idea of using a pool of Dominican banks to float the bond issue. RD$91 million in these bonds is still available.
Jimenez Bichara said that the financial problems are still far from over with US$617 million still pending payment. The nation is currently running up a deficit of between US$120 and US$130 million each month with the electricity providers. This means that to clear the books by year’s end, the CDEEE will need to find US$1.13 billion in funding from somewhere.