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President Abinader details constitutional reform content, but the content of the tax reform is pending.
DOMINICAN REPUBLIC · In Brief · 16 Sep 2021

Yesterday, in the dialogue of the political parties called by President Abinader to agree on an agenda of 13 reforms, only the government's proposal on the constitutional reform was presented, leaving for the next meetings the presentation of the content of the remaining reforms, including the fi...

Abinader's second year begins with ambiguous expectations
DOMINICAN REPUBLIC · Report · 09 Sep 2021 · 1 response

Last August 16th marked the first year of Luis Abinader’s presidency. It was a year marked by the pressures of handling the pandemic crisis, and the challenges of creating the necessary conditions for both a health and economic recovery. During the first year, the political context was chara...

Today begins dialogue on the reform agenda proposed by President Abinader
DOMINICAN REPUBLIC · In Brief · 30 Aug 2021

Today begins the dialogue with the political parties on the reform agenda proposed by President Luis Abinader in his speech on last August 18, on the occasion of the first year of his mandate. The dialogue takes place within the Economic and Social Council. The representatives of the political pa...

DR Central Bank receives SDR allocation for USD649.05 m
DOMINICAN REPUBLIC · In Brief · 26 Aug 2021

As a result of the decisions of the IMF Board of Directors of August 2, 2021 that assigned DEG456.56 b with the purpose of strengthening the balance of payments of the member countries in the framework of the COVID-19 crisis, the Central Bank from the Dominican Republic has received USD649.05 m. ...

The Dominican State bought PDVSA's shares in REFIDOMSA
DOMINICAN REPUBLIC · In Brief · 20 Aug 2021

Yesterday the Minister of Finance, Jochi Vicente, announced the completion of the purchase operation of 49% of the shares of the Refinería Dominicana de Petróleo (REFIDOMSA) that were owned by Petróleos de Venezuela (PDVSA), for an amount of USDS88.1 m. PDVSA had acquired the shares in 2010 for a...

Announcement of constitutional reform to establish an independent Office of the Attorney General
DOMINICAN REPUBLIC · In Brief · 19 Aug 2021

President Luis Abinader, in a speech to the Nation on the occasion of the first year of his mandate, announced that during this year he will be calling for a constitutional reform with the purpose of consolidating the independence of the Office of the Attorney General, one of his main campaign pr...

Government has practically ready proposal for tax reform
DOMINICAN REPUBLIC · In Brief · 18 Aug 2021

The Minister of Economy, Planning and Development, Miguel Ceara Hatton, announced that the Government's proposal on tax reform is practically ready. It is expected that President Abinader will announce in the next few days the start of the discussion process for said proposal.According to the min...

Betting on a return to normality, with the Delta variant so far nowhere in sight
DOMINICAN REPUBLIC · Report · 11 Aug 2021

With the decrease in the number of COVID-19 infections, the rise in the number of vaccinated people and amid strong public pressure, the government has been gradually lifting mobility restrictions. Authorities have indicated that so far the Delta variant is not circulating in the country. But wi...

Two possible levels of Central Government deficit for 2022: -4.4% and -2.7% of GDP
DOMINICAN REPUBLIC · In Brief · 19 Jul 2021

The Ministry of Finance sent the 2022 Macroeconomic and Fiscal Projections Progress Report to the National Congress. A vague document on the projections of income, spending and budgetary results projected for 2022, in which three possible scenarios of budgetary results are presented. Scenario 1 I...

Recovery consolidates, but with high inflation and a higher fiscal deficit
DOMINICAN REPUBLIC · Forecast · 12 Jul 2021

Economic recovery consolidated in May. The monthly index of economic activity reached a y/y growth rate of 21.2%, which makes it more likely that growth for the year will exceed 7%. Greater dynamism has been accompanied by a persistent rise in prices that has placed interannual inflation at 10...

Dominican Republic calls for urgent humanitarian assistance to Haiti and expresses its disagreement with the meeting of the Security Council in private format
DOMINICAN REPUBLIC · In Brief · 08 Jul 2021

In a statement to the United Nations, the Dominican Republic strongly regretted and condemned the assassination of the President of Haiti, Jovenel Moïse, and expressed its condolences to the people and Government of Haiti. The Dominican Republic requests that the necessary assistance be provided ...

Contradictory messages on when to start the discussion of the fiscal pact
DOMINICAN REPUBLIC · In Brief · 21 Jun 2021

Yesterday in an interview the Ministry of the Presidency, Lisandro Macarrulla, pointed out that the discussion of the fiscal pact would begin "now" and that its application would be in January 2022. However, today in a meeting in the National Palace with representatives of the business, labor and...

President Abinader creates a Working Group for the International Price Crisis
DOMINICAN REPUBLIC · In Brief · 21 Jun 2021

This morning President Abinader summoned businessmen and representatives of the labor, economic and social sectors to the formation of a Working Group for the International Price Crisis. The attendees made the commitment to participate in the dialogue and within 10 days they must submit proposals...

​Government adopts austerity plan in public spending.
DOMINICAN REPUBLIC · In Brief · 21 Jun 2021

Last Saturday President Luis Abinader issued Decree 396-21, which provides for the adoption of a set of administrative measures in order to rationalize public spending. The measures adopted impose restrictions on the purchase of vehicles and remodeling of buildings. Likewise, parties, donations a...

Reduction of public debt service in USD1,310 m for the period 2022-2027
DOMINICAN REPUBLIC · In Brief · 09 Jun 2021

The Ministry of Finance announced the reduction of the public debt service by DOP74,908 m (USD1,310 m) for the period 2022-2027, through a liability management operation in the local market. The operation consisted of swapping bonds with a face value of DOP92,427 m (USD1,617.44 m) and interest ra...

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