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Government borrows US$20 billion in less than 10 years

In May 2007, the national debt, not included the Central Bank debt, was US$7.5 billion. Ten years later, in May 2017, under the country now owes US$20.8 billion. The national nonfinancial public sector debt is now at a staggering US$28,369.8 million as of May 2017. This is an increase of 275.34% over ten years, under the governments of Leonel Fernández and Danilo Medina of the ruling PLD party.

As reported in Diario Libre, in 2007, the nonfinancial public sector debt was 19% of the Gross Domestic Product. Ten years later it is 38.3% of the GDP.

The debt with multilateral organizations such as the Inter-American Development Bank, the World Bank, the Corporacion Andina de Fomento, the International Monetary Fund was US$1,819.1 million in 2007, increasing to US$4,431.2 million by 2016.

Of the public debt, the locally borrowed increased from US$1.002.6 million in 2007 to US$9,916.3 million as of May 2017, up 889.05%. The foreign contracted public debt went from US$6.555.6 million in 2007 to US$18,453.5 million as of May 2017, up 181.49%.

Source: DR1, DiarioLibre

Aug 29, 2017

Category: DR News |

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Last updated September 20, 2017 at 12:27 AM
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