At a time when the government tax revenue surplus is at an all-time high, the Fernandez administration has chosen to increase the country’s debt to record levels. President Leonel Fernandez has announced in Brazil that the country will be undertaking major loans from Brazilian banks once the commitment for a borrowing ceiling with the International Monetary Fund ends in January 2008.<\/p>\n
Today’s Listin Diario reports that the Banco de Brazil has approved lending for the purchase of 300 Brazilian buses that will come from a US$350 million financial package with the Brazilian banking. The DR will also be taking a Brazilian US$93.7 million loan to purchase eight Brazilian-made Super Tucano airplanes for the Air Force.<\/p>\n
Of the total US$350 million in Brazilian loans, US$64.7 million have already been used in the construction of an aqueduct in the northeastern part of the country. This aqueduct was constructed by Brazilian company Andrade Gutierres.<\/p>\n
Yesterday, the Chamber of Deputies approved four loans from Brazilian banks for US$202.5 million, for the financing of hydroelectric project in Pinalito, that is being built by the Brazilian Norberto Odebrecht company, and two loans for the Palomino hydroelectric generation facility (US$30 million and US$81.3 million) and the construction of an aqueduct in Samana, for US$71.2 million, also being built by Norberto Odebrecht.<\/p>\n","protected":false},"excerpt":{"rendered":"
At a time when the government tax revenue surplus is at an all-time high, the Fernandez administration has chosen to increase the country’s debt to record levels. President Leonel Fernandez has announced in Brazil that the country will be undertaking major loans from Brazilian banks once the commitment for a borrowing ceiling with the International … <\/p>\n