Economy October 5, 2020 | 9:00 am

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Dominican Gov. wants to sell State companies for US$1.6B

Santo Domingo.- The Government expects RD$96.2 billion (US$1.6 billion) from the sale of assets of the Patrimonial Fund of Reformed Companies (Fonper) and the Dominican State Electric Utility (CDEEE) for next year, according to the Budget 2021 bill submitted by the Presidency to Congress last week.

The amount also includes the dividends of the Reservas Bank and Fonper, as detailed in the letter sent by President Luis Abinader with which the budget bill was sent to the legislature, in which the public assets that will be privatized are not detailed.

“The materialization of the aforementioned asset sale transactions is subject to approval by the National Congress, so they will be submitted to it once the necessary market conditions are obtained to give way to the economic event,” said Abinader in the letter to Chamber of Deputies president, Alfredo Pacheco.

The 2021 budget bill does not specify that the State will receive dividends from the Punta Catalina power plant, or the refinery, Refidomsa.

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