President Hipólito Mejía met with former President Joaquín Balaguer (leader of the PRSC) yesterday to seek his approval for economic measures that will soon be announced. President Mejía had met two days earlier with former President Fernández of the PLD as he seeks consensus for the presentation to Congress of a package of bills. Reports indicate the bills will include the proposed economic reforms and others to reactivate the economy. Restrictive measures in place to maintain macroeconomic stability during days of high petroleum prices have reigned in the fast-growing economy, considerably reduced money in circulation and caused interest rates to climb to highs of 40% for consumer lending. The director of the National Planning Office, Fernando Mangual said that the plan could be ready to present to Congress in 15-20 days. The measures are expected to include an increase in the value-added tax from eight to 12%.
