Posted on November 18, 2009 - by boris
Dominican Republic: World Bank approves $300 million to support social sectors and public finance…
The World Bank Board of Directors on November 17 approved two loans totaling $300 million to support reforms aimed at improving results in social sectors- mainly social protection, education and health- as well as the quality and efficiency of public spending, while mitigating the impact of the global downturn on Dominican Republic’s public finances.
“These operations will contribute to the Government’s efforts to reactivate the economy by helping to cover the fiscal gap for this year and by raising public investment, according to what is established in the budget approved by the National Congress,” said Vicente Bengoa, the Dominican Republic Minister of Finance.
“The projects will help reduce the country’s vulnerability to future shocks by minimizing inefficient subsidies, recovering costs in the energy sector and improving tax and revenue administration,” said Yvonne Tsikata, World Bank Director for the Caribbean.
Source: http://finchannel.com/news_flash/Banks/52134_Dominican_Republic%3A_World_Bank_Approves_US%24300_Million_to_Support_Social_Sectors_and_Public_Finance/
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