According to data presented by the Center for Sustainable Economic Strategies (CREES) and obtained using figures from the Central Bank and the Ministry of Hacienda (Treasury), consolidated public debt in the Dominican Republic has risen 850% from the year 2000 to 2018, going from US$4,460 million in 2000 to US$42,378 million in February 2018.
According to official data, consolidated public sector debt in February this year represents 54.9% of GDP needing a higher percentage of State money to cover the payment of the interest.
During a meeting with the press, CREES showed the data that indicates that 23% of fiscal income has to go just to pay the interest on this debt and according to the executive vice president, Ernesto Selman, this is an unsustainable position.
He said that in the whole of Latin America, only Brazil and Costa Rica have to pay higher percentages of fiscal income to cover debt interest, with Brazil paying 30% and Cost Rica 23.4%. At the other end of the scale Chile only pays 4.2% of its fiscal income in interest payments and the average for the whole of Latin American is 15.9%.
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Diario Libre
27 March 2018
