Economy May 22, 2020 | 8:31 am

Next Gov. must borrow more, cut spending, raise taxes

Santo Domingo.- The authorities that will lead the country as of August 16 will have two alternatives to face the crisis caused by COVID-19: continue borrowing or make adjustments and cuts in spending, in addition to raising taxes.

The economist Antonio Ciriaco, vice dean of the Faculty of Economics of the Autonomous University of Santo Domingo (UASD), cautioned that what awaits the Administration as of August 16 will be “extremely difficult” with a “somber panorama.”

Ciriaco stressed that there is no way that tax collections will be recovered this year, according to what was projected.

“There are important adjustments to be made at the level of public spending, that implies cuts, tax increases, but at this juncture talking about adjustments means further deepening the crisis because we are in a special period where there is a drop in the income of the population and a precarious situation in the operations of the companies.”