The original budget for 2012 was RD$430 billion
Economy, Planning and Development minister Temistocles Montas has stated that the 2013 budget will be lower than this year’s. The original budget for 2012 was RD$430 billion, but was then increased by an additional RD$71 billion in July. However that was not enough and by August it had already been overspent and the deficit was more than RD$148,600 million in September.
The proposed budget for 2013 has not yet been sent to Congress as the government is waiting for the outcome of the tax reform discussions as well as the talks with the International Monetary Fund (IMF) and decisions on what to do about the electricity sector that is running at a major deficit.
According to Montas the key issue is not whether the IMF will guarantee funds for the country, but whether the agreement that is signed will ensure that the Dominican Republic will have access to capital markets to finance the deficit under the best possible terms.
Dominican Republic Live, from DT, 11.10.12, 5.10pm
