Writing in today’s Hoy, former Central Bank governor Bernardo Vega analyzes what Dominicans can expect from the 2011 Budget. He explains that payments for wages and procurement of the “inflated bureaucracy” will engulf RD$110 billion, or 40% of all taxpayer money. Another 40% will go towards paying interest on the domestic and foreign debt. He says this leaves only RD$55 billion for investments, or 20%, of the RD$274 billion in tax revenues.<\/p>\n
Vega says that next year the country will have to disburse RD$64 billion in repayment of foreign debt that expires next year. He says that in 2011 the government plans to borrow RD$97 billion, which will increase the foreign debt by RD$33 billion, which means more interest payments to make in the near future.<\/p>\n
Vega says that with the government payroll increasing and interest payments too, how long will it be before this amounts to 100% of tax revenues.<\/p>\n","protected":false},"excerpt":{"rendered":"
Writing in today’s Hoy, former Central Bank governor Bernardo Vega analyzes what Dominicans can expect from the 2011 Budget. He explains that payments for wages and procurement of the “inflated bureaucracy” will engulf RD$110 billion, or 40% of all taxpayer money. Another 40% will go towards paying interest on the domestic and foreign debt. He … <\/p>\n