2003 – Page 70

Marco Mantovanelli, who represents the World Bank in the Dominican Republic, advised the government not to rush the proposed reprivatization of the electricity distribution companies, the “Edes”, that were repossessed by the government from the private company Union Fenosa in October. Mantovanelli said that the authorities needed to look into Edesur and Edenorte’s sustainability before …

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The dollar-peso exchange rate fell 100 points (one peso) to RD$36 to US$1 yesterday, but there are still no dollars available for purchase in the currency market. This is an unprecedented situation for the month of December, which usually sees a large amount of the US currency flooding the market as Dominicans residing abroad return …

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The Economic Commission for Latin America and the Caribbean (ECLAC) has calculated that 2003 has been the worst year for the Dominican Republic in the last decade. The Latin America-wide economic think-tank lists the 1.3% contraction in the economy, an inflation rate that topped 40%, the crisis in the banking sector, the increase in international …

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Disgraced Baninter President Ramon Baez Figueroa, in jail awaiting his trial for massive fraud charges, has said that he is being blamed for everything from the price surges to last September’s earthquake in the north of the country. “I would say that I have even increased the price of flour, not to mention caused the …

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The European Union donated 290,000 euros (RD$13.34 million) for the reforestation of the Bahoruco Mountain Range. The National Office for the European Development Funds (ONFED) and the Environment Ministry signed the protocol that seeks to recover areas that were damaged by the bauxite mining activity of the Alcoa Exploration Company in the Pedernales province. The …

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Haitian ambassador to the Dominican Republic Guy Alexandre has announced his resignation. He visited President Hipolito Mejia yesterday and explained the reasons for his decision, saying it was a result of internal issues in Haiti and nothing to do with the relationship between his country and the Dominican Republic. Alexandre is said to have been …

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Only 16% of male inmates in the country’s prisons are aware that HIV-AIDS can be transmitted through sexual contact, according to a study by DIGECITTS, the body responsible for monitoring contagious diseases. A significant percentage believed that HIV-AIDS could be contracted from caring for or bathing someone with the disease. It also found that a …

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The Dominican Republic, ranked 14th in the world, is on a winning streak in the NORCECA Women’s Volleyball Olympic Qualifier Tournament. The DR has defeated Mexico, Canada and yesterday Puerto Rico. The team needs to win Cuba, though for a berth in the Athens Olympic Games. The match against Cuba is set for 8 pm …

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The National Development Council (CND) has approved the RD$120.93 billion 2004 National Budget, which represents increased spending of nearly RD$38 billion over the budget for 2003. El Caribe’s economic section dissects the financial plan and finds that debt payments will absorb 32% of the projected total, or RD$39 billion. This is a 52% increase over …

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The Listin Diario newspaper reports that the government and the IMF have agreed on a new economic stabilization program that reaffirms taxes in effect since mid-year, ups the tax on alcoholic beverages and tobacco to 30%, and new taxation on loans and savings borrowing. The report states that the IMF mission will return to Washington, …

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