The presidential candidate for the Modern Revolutionary Party (PRM), Luis Abinader, during a campaign meeting in San Pedro de Macoris, warned that the pace of the accumulation of public debt during the Medina administration poses a serious threat to the economy and governance of the country in the short, medium and long term. He noted that the government is taking on debt at a rate of US$235 million a month, or around RD$11.7 billion.
Abinader made his remarks on the economy at the Universidad Central del Este.
Abinader, who is an economist, said that the accumulating debt at this high rate is irresponsible and unsustainable and is a clear sign of a budgetary crisis. He called for the rejection of the fiscal policies and practices of the Medina administration and asked for the support of Dominicans who want a leader who will implement a sustainable economic model that creates an equitable balance between public spending and the stimulating the expansion of the economy. This integrated approach to strategic public investments and business growth expansion will serve as a platform for the development of the country, he said.
He said that the erratic economic policies of Medina could undermine the more than 50 years of sustained growth the country has enjoyed, mostly through support of the private business sector.
Abinader said that in the year 2000, the consolidated national debt was US$0.76 per dollar exported of goods and services. But, today Dominicans owe US$3 per every dollar we export. He said that this was unacceptable.
“The country needs a new economic model that makes it possible for the economy to benefit all of our citizens, and not just a select few,” he said.
Abinader pledged that he would head a government that would stimulate development, encourage private sector growth, fuel a competitive economy, while eliminating waste and corruption. The implementation of this integrated economic development strategy would strengthen country’s international competitiveness and increase exports.
http://www.diariolibre.com/noticias/politica/abinader-endeudamiento-gobierno-es-insostenible-IB524028