As of September, the non-financial public sector debt, which includes both domestic and foreign debt, had grown to US$21.89 billion. This is 36.3% of the GDP, according to the governmental Public Credit Department, as reported in Hoy.
Of the total, 63.3% is foreign debt, or US$13.86 billion.
Minister of Economy, Planning and Development Temistocles Montas told journalists participating in the Corripio Communications Group luncheon event yesterday, Wednesday 6 November that the government is aware that public indebtedness is too high and he said the base for the reduction of the debt would be prepared in 2015. Montas was Minister of Economy during the previous President Fernandez administration and has continued in the post under President Medina.
Montas said that servicing the debt, the Ministry of Education budget and electricity subsidy eat up 57% of the budget, or around RD$605 billion.