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The Government to cut spending by US$1.53B

Santo Domingo.- Economy Minister Temistocles Montas on Monday said the government will adopt austerity measures to cut spending by as much as RD$60.0 billion (US$1.53 billion) , or around 2.3 percent of the GDP .

In response to demands ??by some sectors, such as the National Business Council (CONEP) that the government must cut spending prior to submitting the tax reform package, the official said around RD$48.0 billion in capital investment will be immediately cut.

He said nearly RD$5.0 billion in funds allocated to the energy sector will also be cut, and around RD$3.0 billion less for goods and services. “We’re saying that the austerity measures which the government will implement will mean from 55 to 60 billion pesos next year.”

Montas said the diplomatic and consular corps will be rationalized this month and the issue of deputy ministers has already been solved, because the law is being complied with stipulates no more than six in the various ministries.

He said despite the fiscal deficit, the country’s economic condition remains stable because there’s neither runaway inflation nor exchange rate.

Source: Dominican Today

Category: DR News |

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Last updated October 24, 2016 at 6:05 PM
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