Local October 12, 2012 | 7:57 am

Ex president blames deficit on predecessor

Santo Domingo.- Former President Leonel Fernandez justified the Government’s new tax package and said his administrations responsibly managed the economy, blaming the current deficit pm the crisis in 2003, when the now opposition PRD party was in office. "And that comes from the PRD crisis of 2003, which we have to pay today, with the central government of around 96 billion pesos,"

On the new tax reform, Fernandez said he’s sure that Dominican society understands the government’s need to increase revenue, including the demand to invest 4% of the GDP in education.

Fernandez, speaking in the Global Foundation for Democracy and Development (Funglode), warned that with the government’s revenue at only 13%, only 9% would be for the rest of the country and, therefore, it will again lead to a huge fiscal deficit in 2013.

"The Dominican economy is modernizing and expanding. The Dominican middle class is growing, and therefore, the state has been small compared to the economy’s growth."

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