2005 – Page 236

Public Works minister Freddy Perez announced it has chosen the US company American Bridge to complete strengthening and renovation of Duarte Bridge. The government said it would pay RD$497 million for the restoration of the Duarte bridge, the oldest still standing across the Ozama River connecting west and east Santo Domingo. Millions have already been …

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Education Minister Alejandrina German told the Listin Diario that it is sad and a matter of concern that only 8% of the national budget is allotted to education. For 2005, the government has allotted RD$17.1 billion to education, of the RD$206 billion budget. She said that she would make the most of her budget. She …

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The Fernandez government has decided to go ahead with the Monte Plata sports games, despite the difficult times. Public Works Minister Freddy Perez announced the government would restart the construction of the works at a cost of RD$476 million. In addition to the construction of sports venues, several million will be used to build an …

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The Central Bank announced yesterday it is reducing the interest rate on savings certificates from 30% to 24% and 27% to 20%. The yield on new deposits is as follows: 20% (30 day deposits), 22% (80 day deposits), 23% (180 day deposits) and 24% (365 day deposits). Regardless of the term, deposits can be retrieved …

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Despite the peso appreciating 25 points to the US dollar since last August, interest rates on loans and savings institutions loans have not been reduced accordingly. The Listin Diario reports that while banks have reduced by around 8% the yield paid to their depositors, the same banks have not adjusted the rate they are charging …

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Secretary of the Presidency and former president of the Chamber of Deputies, Danilo Medina seemed to have advanced in his initial endeavors to win the senators over. The vice president of the Senate, Cesar Matias (of the opposition party, PRD) told the press that next week they would pass the RD$8 billion bond-restructuring bill and …

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Beat Siegenthaler of Commerzbank reports on 3 March that he is optimistic that the congressional deadlock that is the latest snag to the restructuring of the country’s external debt will be solved soon. President Leonel Fernandez resent to Congress the same bill that the Senate had refused to approve, thus causing a delay in the …

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Franco Uccelli of Bear Stearns forecasts that if the expected restructuring goes according to how planned by the Fernandez government, Dominican bonds “should have significant additional upside. ” In his 3 March update, he reaffirms the firm’s “outperform recommendation” that they have had on the credit since 2 November. Uccelli says that once the Senate …

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Ines Aizpun of Diario Libre comments today in the page two editorial of the newspaper on how the “Comer es Primero” (Eating is First) social program underway by the government is making even more evident the vulnerabilities of Dominican society. As the government tries to identify its poorest that are benefit from the RD$500 a …

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Diario Libre’s back page editorial today comments that the opposition is making notes on the performance Fernandez government for when the time is right to use them against the government. “In its inaugural speech, the government spoke of austerity, which has been lost over the months due to excess job appointments, both in the country …

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