Economist Bernardo Fuentes says the Dominican Republic has taken on US$1 billion in additional debt every year since 2008, as reported in Listin Diario. The petrol bill with Venezuela is now at US$3.69 billion, with 14% of all imports falling under the PetroCaribe agreement. Fuentes spoke on “Prospects for the Dominican Economy and Implications for Business,” sponsored by Max Corredores de Seguros at Restaurante El Olivo in Santo Domingo. Fuentes urged the government to publish the results of this year’s budget execution to date. He said only the Department of Taxes has been producing its reports that show that tax collections are up. He said that the 2011 tax increase was carried out to correct the government deficit and would contribute RD$63 billion.
Fuentes doubts that the IMF will reach a new agreement, and believes there will only be a post-monitoring accord. He forecast 2% growth of GDP this year, and said that inflation could end at 6% this year, due to the impact of the 2012 tax increase.
www.listin.com.do/economia-y-negocios/2013/3/21/270464/La-deuda-ha-crecido-en-US1000-MM-por-ano