1996 – Page 29

The decision taken by President Leonel Fernandez to enact the Foreign Investment bill has been widely applauded, as it is expected to attract fresh capital and consolidate the natural advantages of the country – its geographical location and its proximity to the North American continent.

The press director for the Presidency, Miguel Guerrero, announced that the government will increase its social expenditure to counter the current high level of poverty in the country. He said that social expenditure was discussed at the first government counsel meeting and it was concluded that public expenditure should be redirected with an emphasis on …

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Giving RD$500 million to the Consejo Estatal del Azúcar (CEA) will not solve its financial situation. Businessman Andrés Dauhajre and economists Jaime Aristy Escuder and Alfonso Abreu said that the only solution for the CEA is for it to be sold off to the private sector. They maintain that the CEA is a never ending …

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The minister of the Presidency, Danilo Medina, said that the government its promoting the approval of the Electricity Bill because it is not capable of subsidizing the Corporación Dominicana de Electricidad (CDE) on a long term basis, adding that the government has to take the weight of the CDE of its shoulders. Meanwhile, the CDE …

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The executive counsel of the Centro Dominicano de Promoción de las Exportaciones (CEDOPEX), has decided to cancel the Impuesto a la Transferencia de Bienes y Servicios Industrializados (ITBIS) on exports and has appointed a technical commission to study the possibility of ending the much criticized Consular Invoices on imports in general. It has canceled the …

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The Central Bank’s Monetary Board has announced a series of new resolutions. Firstly, it has assigned RD$400 million to the bank’s Departmento de Desarrollo y Financiamiento de Projectos (DEFINPRO), to be used in the last four months of 1996, for the finance of productive sectors, and the amount was distributed as follows: agriculture RD$150 million …

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The Banco Agricola (BA) owes RD$1,370.8 million, with a balance of only RD$787.4 million on its loan portfolio. The figures were revealed in a report prepared by the BA for the Contraloría General de la República last 31 July.

An agreement has been signed between the president of the Federación Nacional de Productores de Tabaco (FENAPROTABACO), Alberto García, and a United States company, for the sale of 10 million cigars next year. Mr. García made the announcement after arriving from the World Cigar Expo held in the U.S. but did not identify the company …

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The government has a debt, dating from 1990, totaling more than RD$1,000 million with the Instituto Dominicano de Seguros Sociales (IDSS). Rafael Gónzalez de Peña, president of the medical group in the IDSS, says that the figure corresponds to the 2% that the government has to pay by law to the IDSS. Mr. Gónzalez also …

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According to Silvestre Alba de Moya, president of the Asociación Dominicana de Hacendados y Agricultores, the Dominican Republic is one of the few countries that does not protect its agricultural sector. He added, that to the contrary, agricultural concerns are even under the obligation of paying taxes on imported materials, and without government protection the …

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