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PLD government borrows big again

The ruling PLD-majority Chamber of Deputies approved three new loans totaling US$220 million on Thursday, 13 October 2016. The loans will be used to fund programs for improving water services, education and for the national grid modernization project being implemented by the Public Electricity Corporation (CDEEE).

The education loan for US$50 million will come from the World Bank’s International Bank for Reconstruction and Development (IBRD) and will be used for teacher training.

The deputies approved another US$120 million loan for modernizing the national power grid, also from the IBRD.

A further US$50 million from the French Development Agency (AFD) was approved for improving aqueducts and sewage to be implemented by Inapa and the Santiago water agency (Corasaan).

Spokesman for the opposition PRM deputies, Alfredo Pacheco criticized the new loans. He said that in 2004 the public debt was around US$9 billion, but is now at more than US$36 billion.

Source: DR1, Elnuevodiario

Oct 16, 2016

Category: DR News |

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Last updated December 2, 2016 at 1:59 PM
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