1996 – Page 90

A group of 24 representatives from the Dominican business community recently traveled to Haiti, where they met with their Haitian counterparts and President René Preval. Before departing, they told reporters that they have placed the possibility of joint ventures with assistance from international aid donors high on their agenda. The European Union has already allocated …

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The exchange rate between the domestic currency, the Dominican peso, and the U.S. dollar has registered some changes over the last few weeks, moving from about RD$13.40 to RD$13.20 for one U.S. dollar. This drop in the selling price of the U.S. currency has also been felt by the informal market. Banks report there is …

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Trade unions, business associations, political leaders, and economists have voiced concern about the government’s failure to comply with a law on income tax adjustment passed in 1992. Article 327 of the new Dominican Tributary Code obliges the government to adjust annually the income tax wage brackets to compensate for the effect of inflation. In 1992, …

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A report prepared by eight economists commissioned by the Monetary Planning Department of the Central Bank, foresees an increase in the number of jobs to be created in the Dominican Republic as a result of the introduction of free market policies. The study also indicates that despite the reduction in tariff levels, the opening up …

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The local press has reported that the government of Trinidad and Tobago is intent on initiating negotiations with its Dominican counterpart for the purpose of establishing a free trade zone between the two nations, subject to CARICOM’s approval. To that effect, Dominican and Trinidadian representatives from both the government and the private sector have been …

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Reuters News Agency reports that the International Finance Corporation (IFC) has announced a finance package totaling over US$200 million for the building of a power station in the Dominican Republic. The IFC, an affiliate of the World Bank lending funds for private sector development, has already extended loan guarantees for a power station in Puerto …

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The economist Miguel Sang Ben believes that the country’s agriculture is not going to fail because of the imposition of a 40 percent tariff ceiling, but adds that the sector’s downfall will be the result of the government’s failure to effect some important economic reforms. He singles out the high cost of raw materials, the …

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The Consejo Estatal del Azucar (CEA) has announced that it will not be refining sugar this season due to the high costs involved in the process. CEA officials have estimated that in order to produce 100 pounds of refined sugar at least 140 pounds of raw product must be used, making it unprofitable. Instead, the …

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The black box from the 757 Boeing aircraft that crashed off the coast of Puerto Plata on 6 February, killing all 189 passengers, was retrieved from the sea bed on Wednesday, 28 February and taken to Washington to be examined by aviation agencies from the United States, the Dominican Republic and Germany. Preliminary findings have …

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As of 1 March, the strike being carried out by doctors of the Dominican Medical Association (AMD) was in its 123rd day, constituting the longest such work stoppage in recent history, longer than the 113-day strike in 1991. A resolution to the conflict between the government and the AMD still does not seem to be …

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