The World Bank presents its 2015 – 2018 support strategy for DR
SANTO DOMINGO. The Board of Directors of the World Bank presented yesterday a new support strategy for the Dominican Republic, which offers a new program of loans for US $550 million and advisory services for the next four years (2015 – 2018), in order to expand the economic and social opportunities of Dominicans.
“The objective of this loan is to offer the poorest of the country not only direct access, financial support, but also access to public services, to housing, training, etc., so that they have an array of public services that is complete. It is a stronger effort in comparison with what we did before,” reported Sophie Sirtaine, a director of the World Bank for the Caribbean, during a videoconference.
In the former strategy, which was programmed for an amount similar to the new loan, in practice they disbursed US $600 million, according to what was said by the resident representative of the World Bank, Mike Donald Benjamin, during his participation in the presentation of the new financing program.
During the unveiling of the new strategy they also revealed information regarding the economic evolution of the country, and it was explained that while it was true that the Dominican Republic grew as an average of 6.7% yearly over the last decade, representing one of the best performances in the Latin American and Caribbean region, poverty and unemployment have remained high.
The report of the World Bank indicates that 46% of the Dominicans in rural areas live in poverty and that around 30% of young men and women are unemployed. Nevertheless it also says that the Dominican Republic has a great potential to create more and better jobs for the poorest 40% of the population, as well as increase their access to financial resources, electricity and more reliable telecommunications and better education, health, water and social protection services.
The five priorities identified by the World Bank and the Dominican government are: improved access to public services, including education helps water and social protection; increase access to electricity, telecommunications and other infrastructure; promote the ability to recover from external shocks; improve the quality of the business climate and promote the efficient handling of public resources.
World Bank loans
Since 1970, the World Bank has loaned the country US $2.34 billion for different programs.
In addition the information shows that the World Bank has 16 active projects at the present time with the country for a value of US $208.94 million; 69 close projects, valued at US $1.9 billion; four abandoned projects for US $106.4 million and for proposals for US $175 million.
World Bank says DR debt is sustainable
Sophie Sirtaine said that the Dominican debt is sustainable, and she assured the participants in the teleconference that the authorities know of the importance of this sustainability of the debt. “We agree that a prudent management of the public debt, so that it remains as it is now, on the sustainable path, is important. The government is totally aware of these priorities and working together with us and the Monetary Fund (IMF) in order to maintain the debt level at a sustainable level, such as it is now,” she indicated
Category: DR News |