Emam Zade told Hoy newspaper in an interview today that the budget presented by the government will worsen the situation next year. The economist would have preferred a budget for the same amount as the one used this year, of about RD$82 billion. The government, however, submit to Congress a financial plan for 2004 of RD$121 billion. Emam Zade understands that by presenting the RD$121-billion budget, the government seeks to be compensated for the decline of the public sector’s buying power owed to the depreciation of the peso. Emam Zade says the government should have done the opposite: acknowledge reality and admit it has been over-spending and taxing companies more than it should, which in turn has immersed the economy into a process of inflation, devaluation and recession. <\/p>\n
Emam Zade explains that the bloated budget will only worsen the recession and further stimulate inflation. “Why? Because that will generate more monetary emissions.” He predicts that consumers will end up paying the taxes to fund the increased governmental budget. Emam Zade accuses the government of lacking any long-term vision of the economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
Emam Zade told Hoy newspaper in an interview today that the budget presented by the government will worsen the situation next year. The economist would have preferred a budget for the same amount as the one used this year, of about RD$82 billion. The government, however, submit to Congress a financial plan for 2004 of … <\/p>\n