2003 – Page 323

The Chamber of Deputies passed the 2003 Budget yesterday with 93 of the 138 deputies voting in favor. The budget regulates the disbursement of RD$83 billion over the course of 2003 and represents nine billion more money than was budgeted last year. The main departments and institution to see increased allotments this year are: city …

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President Hipolito Mejia says he will not buckle under pressure from German and British agencies that have lined up to support the power generation company, Cogentrix, and its efforts to seek payment of a US$39-million debt owed by the Dominican government. The government is in a bind because, as stated by Finance Minister Jose Lois …

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The National Council of Competitiveness (CNC) was launched officially yesterday with the participation of President Hipolito Mejia, Industry & Commerce Minister Sonia Guzman and leading business organizations. President Mejia, speaking briefly at the event, encouraged Dominican businesspeople to unite with the government through the council. Minister Guzman argued that the adversaries of competitiveness are protectionism …

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The Chamber of Deputies passed a US$55-million loan to stimulate the competitiveness of food production in the Dominican Republic. The Proyecto de Apoyo a la Transicion de la Competitividad Agroalimentaria (PACA) will be implemented by the Ministry of Agriculture. Agriculture Minister Eligio Jaquez was present at the session yesterday to await the final vote of …

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Dominican Republic Sovereign USD Issue Lead: JPMorganChase Size: $600mln  Tenor: 10yr Spread: +490-495/10yr Order sizes are 1.2bln Pricing is today 16th of January Lehman Brothers, Morgan Stanley and AMRO, will be trading in secondary markets.

Standard & Poor’s Ratings Services has assigned its ‘BB-‘ as a long-term foreign-currency senior unsecured debt rating to the projected US$600-million 10-year bond due January 2013. This is three notches into speculative territory.  “The stable outlook balances the country’s relatively high-growth and debt-to-GDP ratio with its low external liquidity and relatively weak government institutions,” said …

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Economist Jose Aleman reaffirmed yesterday that he believes the government is technically broke and on a path to uncertainty. ?They don?t have money to pay their debts and they don?t know where they are going to get it from. The only way [for them] to pay debt is by borrowing money,? said Aleman who has …

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The Direcci?n General de Normas de Calidad (DIGENOR) announced the closing of seven water-bottling plants that do not meet the accepted standards. The government department in charge of industrial norms and quality said the water the companies have been bottling is unfit for human consumption. DIGENOR tests of the ?purified? water indicated the presence of …

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Diario Libre reports that as of yesterday, information is circulating on a RD$180,714 check issued by the Air Force to the order of former presidential security chief, Colonel Pedro Julio (Pepe) Goico for the purchase of food rations. The newspaper explains that the check was issued for Goico?s titled position as head of the Circulo …

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Anything can still happen in the baseball tourney. Last night at Estadio Quisqueya, where the President himself was in attendance sporting an Aguilas hat, the Aguilas made their move to secure a spot in the finals scoring a resounding 7-1 victory over the Leones del Escogido. Julian Tavarez continued his post-season dominance with six and …

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