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2017 National Budget keeps scheme of increasing debt

Economists Pavel Isa and Miguel Collado Di Franco say that the RD$814.8 billion National Budget approved by the Medina administration for 2017 perpetuates the scheme of increasing debt and weaknesses in the management of local finances. They criticized that public spending will be RD$687 billion and RD$127 billion (46%) is allotted for paying loans. Government spending is up 10% for second consecutive year.

The economists criticized that the Dominican Republic has accumulated a decade of fiscal deficits and 11 years of taking on significant public debt demanding higher taxes.

Diario Libre reports that according to data from the Central Bank, as of June 2017 the consolidated public debt of the government was 49.6% of the GDP, the highest level in the past 17 years. Six months past, it was 47.6% of GDP.

Source: DR1, DiarioLibre

Sep 28, 2017

Category: DR News |

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Last updated December 17, 2017 at 1:23 AM
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