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President Luis Abinader announces the development of the Comprehensive Institutional Reform Plan.
DOMINICAN REPUBLIC · In Brief · 10 Dec 2020

The Plan, launched within the context of the celebration of the International Day against Corruption, includes the following actions: 1. Creation of a single portal for transparency of government activity with unlimited access. 2. Regulation of the Public Administration’s advertising. 3. Review a...

Cancellation of USD1.260 b in public debt as a result of a liability management operation.
DOMINICAN REPUBLIC · In Brief · 09 Dec 2020

The Dominican Government achieved yesterday the cancellation of USD1.26 b of public debt through a liability management operation. The operation consisted of the repurchase of the securities maturing in 2021, 2024 and 2025 and their replacement by the bond maturing in 2032. The latter has a longe...

Judge dictates coercive measures against those accused in the Anti-Pulp Operation
DOMINICAN REPUBLIC · In Brief · 09 Dec 2020

Last night, Judge José Alejandro Vargas ordered the preventive detention of seven of the eleven defendants in the Anti-Pulpo Operation, including Alexis Medina Sánchez who is the brother of former President Danilo Medina Sánchez. Regarding the remaining defendants, the judge ordered the release w...

A month of good news for the PRM government, and of misfortune for the PLD
DOMINICAN REPUBLIC · Report · 07 Dec 2020

The actions carried out by the Attorney General’s office during the last weekend in November ended the waiting period for the submission to justice of the alleged corrupt officials and close associates of the administration of former president Danilo Medina Sánchez. Ten people were arrested durin...

Officials of the Administration of former President Danilo Medina Sanchez are arrested
DOMINICAN REPUBLIC · In Brief · 29 Nov 2020

During the night of Saturday and early Sunday morning, ten former officials and close associates of the Administration of former President Danilo Medina Sanchez were arrested, as a result of the Anti Octopus Operation carried out by the Attorney General of the Republic. Among those arrested are C...

Dominican Government sent to Congress the addendum of 2021 Public Budget Bill and maintains the fiscal deficit target
DOMINICAN REPUBLIC · In Brief · 19 Nov 2020

At the beginning of the week, the Dominican government sent to the National Congress the addendum to the Public Sector Budget Bill for 2021, in which it formally withdraws the proposal to increase transitory taxes to be applied during 2021. Instead, the DOP25 .9 b that the Government was planning...

Government backs down from proposed 2021 tax hike
DOMINICAN REPUBLIC · Forecast · 10 Nov 2020

October saw the reversal of some government decisions, due both to rejection by citizens and to the occurrence of obvious errors, forcing a search for alternatives. A few days after the proposed 2021 budget was sent to Congress, the government announced that it was withdrawing from the proposal’s...

The Dominican government steps back and withdraws the proposed tax increase
DOMINICAN REPUBLIC · In Brief · 09 Oct 2020 · 2 responses

Under the justification of being a Government that listens to its citizens, President Luis Abinader, in a speech last night to the nation, made public the decision to withdraw the proposal of creating new transitory taxes for 2021. The latter tax reform was considered in the Public Budget Bill fo...

With proposed tax increase, the new government's honeymoon is over
DOMINICAN REPUBLIC · Report · 08 Oct 2020 · 2 responses

With a proposal for the creation of new taxes incorporated into the 2021 proposed national budget, the customary honeymoon for a new government has ended even before President Luis Abinader has completed his first 100 days in power. The government has sent to Congress a 2021 budget that concomita...

DR launched sovereign bonds
DOMINICAN REPUBLIC · In Brief · 17 Sep 2020

The Dominican Republic has just launched sovereign bonds equivalent to USD3.8 bn. The total amount is distributed in: 1) USD1.8 bn corresponding to 12-year bonds to yield 4.875%; 2) USD1.7 bn corresponding to bonds maturing in 2060 to yield 6.250%; and 3)DOP17.5 bn, equivalent to USD300 correspon...

​The Government releases its macroeconomic projections for 2020-2024
DOMINICAN REPUBLIC · In Brief · 11 Sep 2020

The Ministry of Economy, Planning and Development released on Wednesday afternoon the update of the Macroeconomic Framework for the period 2020-2024. The projections contained in this update are those used in the formulation of the Public Budget for 2021. For 2020, the Government is projecting a ...

Government forced to finance a 9.3% of GDP deficit
DOMINICAN REPUBLIC · Report · 06 Sep 2020

Just two weeks after taking office, President Luis Abinader faces the urgent task of financing a public deficit that is almost four times higher than it was before the pandemic. Due to the fall in tax revenues, and to greater pressure on spending to address the health crisis and reactivate the...

New Budget Amendment Proposal for 2020 requires USD 3.4 billion of additional financing.
DOMINICAN REPUBLIC · In Brief · 25 Aug 2020 · 1 response

Yesterday the new government of Luis Abinader delivered the proposed amendment to the public sector budget for 2020 to the National Congress. The amendment is justified by the additional drop in revenues of USD -1.2 billion and the increase in expenses of USD 1.9 billion, with respect to the valu...

Luis Abinader was sworn in as president with an agenda of economic reactivation and fighting the pandemic, corruption and impunity.
DOMINICAN REPUBLIC · In Brief · 16 Aug 2020 · 1 response

With an emphasis on addressing the health crisis, the economic reactivation and the fight against corruption, Luis Abinader Corona was sworn in today as the 67th president of the Dominican Republic. He offers unlimited dialogue and work to promote the urgent changes to get out of the current cris...

​Economic growth in June confirmed a slowdown in the economic contraction.
DOMINICAN REPUBLIC · In Brief · 03 Aug 2020

At the Monetary Policy Meeting held on July 31, the Central Bank reported that on June 2020 the economy contracted by 7.1% relative to June 2019, a much smaller contraction than the one experienced on May (-13.6%) and April (-29.8%). The question is to what extent will the deceleration of the eco...

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