1996 – Page 13

President Leonel Fernández has instructed the Ministry of Tourism to manage the mixed fund for tourism promotion, which from now on will be the designated source of finance for such activities. The fund receives 50% of its resources from income generated by the charges made to airlines for passenger transportation. Under presidential decree no. 425-96, …

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Donna J. Hrinak, ambassador for the United States, confirmed that U.S. businessmen are interested in investing in the country’s electricity services. She also said that the new foreign investment law will open the door to new capital entering the country, some of which could go to the electricity industry.

Next year, the country will have foreign debts of US$3,733 million, according to a recent report by the International Monetary Fund (IMF). The IMF also confirms that the balance will be US$3,931 million by the end of this year and will have reduced to US$3,345 million. by the year 2000.

The government proposes to produce 600,000 tons of sugar in 1997, says Jimmy García Saviñón, director of the Instituto Nacional del Azúcar (INAZUCAR). Domestic sugar consumption will take up 340,000 tons and the United States market accounts for the balance of 282,000 tons.

Early last week, the Corporación Dominicana de Electricidad (CDE) was producing 50% less than its potential capacity and had serious problems with its transmission lines and distribution system. Of the CDE’s 1,300,000 kwh capacity, only 600,000 kwh were generated and a little less than 400,000 kwh was supplied by the private sector. Meanwhile, the demand …

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The Central Bank has a registered foreign investment in the amount of US$789.9 million, of which more than 50%, US$411.6 million, comes from Canadian investors. The information was supplied by the administrator of the Banco de Reservas, Roberto Saladín, in a speech in the city of Miami. The Canadian capital is invested in: the mining …

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The Interamerican Bank for Development (IDB) has lent US$52 million for the improvement of the irrigation system. It will be disbursed over a period of 5 years and be administered by the Instituto Nacional de Recursos Hidraúlicos (INDRHI). The government is under the obligation to provide a further US$13 million under the agreement. The IDB …

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The mining company Falconbridge Dominicana will pay US$10 million less in direct taxes than it paid last year. Falconbridge’s president, James Corrigan, said that the decrease is due to the international reduction in price for nickel, which went down from U$3.80 to US$3.30 a pound. He explained that last year, Falconbridge paid taxes to the …

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A group of European businessmen are coming to the Dominican Republic in the next few days to prepare their highly technological presentations, which includes topics such as recycling, solar energy, radar etc. They will make their presentations at the European trade exhibition, Expo-Europa ’96, which is being organized by the Cámara de Comercio Europea and …

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The World Bank (WB) estimates that the 1996 gross domestic product (GDP) and the inflation rate of the Dominican Republic will be 5% and 6%. The D.R. will be the second Latin American country with the highest economic growth this year. Meanwhile, the Central Bank estimates that GDP growth and inflation rate are to be …

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