2005News

2005 National Budget

The 2005 Budget Law was passed by the Senate late last week and the totals are the highest in history: RD$206.59 billion. The senators magnanimously passed the legislation in two consecutive sessions “as a contribution or quota of responsibility by the PRD legislators towards the democratic governance (of the Dominican Republic).”

According to Hoy newspaper, the Special Senate Budget Commission will monitor the execution of the budget. The commission chairperson, Pedro Alegria, said that his commission would be inviting government officials to testify on expenditures made in their respective ministries.

Alegria also said that the PRD legislators, who are majority in both houses of Congress, would push for passage of the Bill on Political Controls. This legislation would allow Congress to supervise spending by the Executive Branch.

During the same sessions, the Senate also ratified the Caracas Accord that will provide long term credit for petroleum purchases reaching US$150 million for about 50,000 barrels a day of petroleum products.