Economy April 7, 2021 | 7:27 am

Dominican Republic debt milestone: US$54.5B, 69.1% of GDP

Covid effect

Santo Domingo.- In a year marked by the pandemic the total Dominican debt reached, in 2020, a milestone by soaring to US$54.5 billion, or 69.1% of GDP.

The data published this week by the Central Bank of the Dominican Republic show aUS$9.5 billion jump in the debt in the last year.

80% of the new commitments were concentrated in the second half of 2020. The rest were concentrated in the first half of the year.

“The strong pressure that COVID-19 exerted on fiscal accounts, with emergency expenses that the government had to face, and a fall in tax collection, forced a search for financing through debt,” the Central Bank said.