Economy July 12, 2022 | 1:41 pm

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Government allocates more than $34,000 MM to subsidies

The Dominican Government reported that it allocated, through the Ministry of Finance, RD$34,863.3 million in subsidies during the first half of 2022, to prevent the population from suffering the effects of rising prices of raw materials in international markets.

It indicates that to prevent the rise in fuel prices, whose cost affects the price of food, transportation, and other goods and services, the State spent RD$25,635.6 million between January and June, equivalent to 73.5% of the total subsidies.

Likewise, it transferred RD$4,798.6 million to the electricity sector, a figure that represented 13.7% of the global amount spent on subsidies in the aforementioned period. It cites that RD$466.1 million were granted to the transportation sector from January to June 2022. To guarantee the country’s food security and price stability, the resources allocated to the production or marketing of food totaled RD$2,678.8 million in that period.

Of that amount, RD$1,223.8 million corresponded to the fertilizer subsidy and RD$828.1 million to flour. Also, RD$200.9 million was allocated in aid to chicken producers and the remaining RD$426 million was used through the Price Stabilization Institute (Inespre) for the sale of food combos.

“The Government’s commitment is to curb as much as possible the impact that international inflation is having on prices in the country,” said Finance Minister Jochi Vicente.

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