Economy February 28, 2023 | 3:01 pm

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Economy is indicated as the area of the greatest achievement of the Government

More than half of the 79 pages of the third Accountability speech were dedicated to reviewing what the Government considers achievements in economic matters in the current administration of President Luis Abinader. The president began by outlining the annual growth of 4.9% of the gross domestic product (GDP) obtained in 2022, growth that he said is higher than the average for Latin America and that the country has surpassed Ecuador in GDP, adjusted for purchasing power parity, which makes it the seventh largest economy in Latin America. He outlined that the level of international reserves closed in 2022 at US$14,436 million and the currency appreciated by 2%, contrary to the depreciation observed in other countries.

The president also highlighted foreign direct investment, which he said had unprecedented figures with more than US$3.95 billion for a growth of 27% compared to 2021. He pointed out among the achievements of his management the reduction of public debt interest payments by RD $ 5.5 billion, as a result of the appreciation of our currency and the liability management operation. At the end of 2022, the consolidated debt with respect to GDP was 59.1% and he said that “when we took office in August 2020, this indicator was 61%.” The president spoke of the growth in collections by 15.3% and that these resources have been used to protect the purchasing power of workers. “We have allocated RD$240 million daily just to protect Dominican families,” said the president in his speech.

He said that the government’s fiscal policy actions, combined with the necessary and timely restrictive monetary policy measures, managed to reduce inflation, but he did not specify how much it is currently. He indicated that the economic scenario that the country is experiencing has led to a new milestone that puts it closer to Investment Grade, after the risk agency Standard & Poor’s improved its credit rating, raising it from “BB-” to “ BB”. He reviewed the achievements of Banco de Reservas, an entity that he said has a 38% share in the financial market; from Refidomsa, with US$63 million in benefits in 2022, and from Punta Catalina, which he exposed, reported more than US$220 million in dividends and a record production of 4,701 GW/h of energy, becoming one of the most efficient plants in the system.

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Peter Harris
February 28, 2023 7:14 pm

If the Dom Rep is leading in economic development, why are there so many poor people ? Why do public hospitals charge $2000. for a pint of blood ; and why do public hospitals not have the resources to conduct blood tests ? Why are elderly poor people not able to get adequate pain management ? It costs thousands of pesos to buy proper pain injections when someone is in stage 4 cancer. No matter what your age, if you are very sick and poor , you die without adequate care. These are not allegations but actual situations I have witnessed .

March 1, 2023 11:52 am
Reply to  Peter Harris

I agree as usual the economy grows but only a few get most of the benefits…know what I mean…