There are resources for state aid

The Minister of Finance, Donald Guerrero, affirmed yesterday that the Government has sufficient resources totaling RD $ 34.1 billion to finance for 60 days the social and economic programs Stay at Home and the Fund for Solidarity Assistance to Employees (FASE). It also covers the resource needs of the Ministry of Public Health.
He assured that projecting the needs for additional resources will depend on the evolution of the covid-19 pandemic in the country.

During a press conference via social media, Guerrero said, “We know that eventually, we may have needs for funds. And in that case, we have had proposals, and we have talked with internal sources of financing that will allow us additional resources for around 20 to 30 billion pesos.”

He explained that the sources to finance the programs come from the Dominican Institute for the Prevention and Protection of Occupational Risks (Idoppril), which has RD $ 14,000 million, which are excesses of the technical reserves that it must maintain; a Central Bank financing for emergency cases of RD $ 12,000 million and a World Bank disbursement of US $ 150 million (RD $ 8,100 million), from a fund for disaster situations that had been approved by the National Congress.

They will be contacted. Regarding the “Stay at Home” program, he indicated that new beneficiaries do not need to go to any center or have a Solidarity Card, because only the identity card will be used to be included in the program. He said that more than 600 thousand families will be new beneficiaries and will be called by phone by the Social Policy Cabinet to notify them that they are eligible. He added that these people contacted will be able to go on Wednesday, April 8, with their physical identification card to the affiliated establishments to have the Solidarity Card.

Guerrero explained that the FASE program is not only for suspended employees but also for those who still work but have decreased income since the number of hours, and therefore, their income has reduced.

Budget modification

Guerrero also highlighted that from June 30, 2020, an adjustment to the budget law would be submitted, weighing the drop in collections, the increase in spending, and, therefore, the impact of the deficit. He said that this would first require evaluating the full effect of the situation caused by the covid on the economy and taking into account the need for additional financing.