Dominican Gov. contracted debt of US$4.03B in 2021
Photo By: Deborah W. Campos, World Bank
Santo Domingo.- The Dominican State contracted debts of RD$221.7 billion (US$4.03 billion) during the past year, of which 83.6% corresponded to external commitments (RD$185.4 billion) and the rest (RD$36.3 billion) internal.
This was announced by the Minister of Finance, José Manuel -Jochi- Vicente, who reported that 87.4% of the financing plan for 2021 was executed and that the decrease in the need for loans was possible thanks to a timely spending plan.
Likewise, Vicente reported that the fiscal deficit ended last year at 2.7% of the gross domestic product (GDP), equivalent to RD$144.8 b billion.
Some day the bills will come due.
The RD government has to have the fortitude to reduce its dependency on loans. It needs to attract private investors outside of the tourism sector to diversify the economic base with commercial enterprises that bring in foreign revenue.
This poster has always advocated services associated with the ports, such as plane & ship maintenances; airplane & ship cabin refitting, intermodal storage and repairs; and lifeboat constructions. The RD sits on the junctions of international commercial routes. It should take advantage of it to bring in solid revenue to reduce the country’s debt.