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Dominican President Admits to Budget Slump
By Prensa Latina
Posted: Oct 23, 2009 02:56 UTC |
SANTO DOMINGO (PL) - Dominican President Leonel Fernandez admitted that the $56 million budget deficit will be covered with $1 billion worth loan from the International Monetary Fund (IMF) under stand-by accord. President Fernandez blamed the gap to poor exports,shrinking domestic demand and low remittances from overseas.
The loan will also fund infrastructure to stimulate the creation of new jobs and domestic demand, added Fernandez in his fifth public address, this time in Cotui, Sanchez Ramirez, a Central Dominican province.
Plans by the Transnational Barrick to start gold mining in Sanchez Ramirez seem very hopeful.
At the meeting, community and religious leaders urged to complete undertakings paralized many years back, among them, aqueducts, water processing plants, schools and street repair.
This is the fifth meeting with the people following violent popular unrest early this year in East and Northern communities urging to fulfill promisses dating back the 2007 presidential race.
ef emw msl
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