The government has submitted bills to reform hydrocarbon, procurement, and trust laws. The Central Bank maintains its monetary policy rate at 5.00% annually. In terms of GDP, the Dominican Republic's debt stood at 66.7% at the end of 2021. A proposal has been made to set fuel prices every 15 days and create a compensation fund. The Extinction of Ownership bill is on its way to approval. Jean Alain has requested the removal of 29 prosecutors from the case. The Dominican Medical Association (CMD) reports that doctors see no progress in healthcare under this administration. The National Institute of Infrastructure and Public Works (INABIE) will hold an advance tender for school lunches through 2024. The Dominican Liberation Party (PLD) labeled the Abinader administration a "government of the rich." Also, find out the latest details on the Russia/Ukraine crisis.
Government submits draft bills to reform hydrocarbons, procurement and trust laws
A commission from the government of the Republic submitted to the Senate yesterday the draft laws regulating public trusts, one that reforms the Law on Purchases and Contracts, and another to modify the law on the marketing of hydrocarbons.
The Central Bank maintains its monetary policy rate at 5.00% per year
The Central Bank of the Dominican Republic (BCRD) reported yesterday that, at its February monetary policy meeting, it decided to maintain its monetary policy interest rate at 5.00% per annum .
In terms of GDP, the Dominican Republic's debt stood at 66.7% at the end of 2021
The Dominican Republic's non-financial public sector (NFPS) debt reached US$47,674.1 million as of December 2021, an increase of US$3,051.7 million compared to 2020.
Including the Central Bank's debt, the total reached US$62,036.8 million, US$4,770.4 million more than on December 31, 2020. This is according to a study by the Regional Center for Sustainable Economic Strategies (CREES). In terms of Gross Domestic Product (GDP), the country's debt stood at 66.7%, a high level historically for the country.
Inabie will put school lunches out to tender in advance until 2024
The National Institute of Student Welfare (Inabie) has begun several bidding processes for lunch at extended school day centers for the upcoming school years of 2022-2023 and 2023-2024.
It proposes that fuel prices be set every 15 days and that a compensation fund be created
Yesterday, Monday, the government formally delivered the draft Public Trusts Law, the Hydrocarbons Marketing Law, and the Public Procurement and Contracting Law to the President of the Senate, Eduardo Estrella. The Executive Branch's legal advisor, Antoliano Peralta, indicated that the draft law stipulates that price adjustments will be made every two weeks going forward and that a compensation fund will be created.
Extinction of Ownership Bill on its way to approval
The steps that have been taken in the National Congress since 2014 to make the Law on Extinction of Ownership a reality could lead to its approval this 2022, after having the open support of President Luis Abinader and his Modern Revolutionary Party (PRM).
Jean Alain asks to remove 29 prosecutors from the case
Former Attorney General Jean Alain Rodríguez, implicated in the Medusa case, yesterday recused 29 anti-corruption prosecutors who are investigating his case, including Deputy Attorneys General Yeni Berenice Reynoso and Wilson Camacho, so that other people can be appointed in their place.
CMD: Doctors see no progress in healthcare under this administration
Doctors see no significant progress in the health sector during President Luis Abinader's administration, but they view the handling of the health crisis, particularly regarding the vaccine, as a positive step. Dr. Senén Caba, president of the Dominican Medical Association (CMD), spoke after laying a floral offering at the Altar of the Fatherland. He was interviewed about the president's address to the National Congress on February 27th.
The PLD labeled Abinader's administration a "government of the rich."
The Dominican Liberation Party (PLD) stated that the government of Luis Abinader has “forgotten” the middle class and “the most needy” during this period of inflation caused by the pandemic, which it expects will be aggravated by the armed conflict between Russia and Ukraine.
Russia/Ukraine
WTI oil barrel closed yesterday at US$95.72
After a day of ups and downs and uncertainty due to Russia's conflict in Ukraine, the price of a barrel of WTI (West Texas Intermediate), the benchmark used in the Dominican market, closed yesterday at US$95.72 on the New York Stock Exchange. At yesterday's close, the price of WTI crude rose by US$4.13 compared to the previous day, equivalent to an increase of $4.51.
The impact of the war is already being felt in the Dominican Republic's economy
The suspension of flights by some airlines to Russia will affect the schedule at some airports in the Dominican Republic that received direct flights from Russian cities such as Moscow, St. Petersburg, Rostov, Kazan, Ufa, among others.
Transactions are also limited in the banking sector
The Association of Commercial Banks (ABA) warned yesterday that payments and transactions related to tourism, exports, imports, and investments will not be possible due to Russia's exclusion from the Swift system, which is the messaging system for conducting international financial transactions.
Four Dominicans are being transferred out of Ukraine
The Ministry of Foreign Affairs (Mirex) reported that, in collaboration with diplomatic allies, it transferred four Dominicans who were in Ukraine to Poland.
Biden calls on allies to solidify their position of financial and humanitarian support for Ukraine
US President Joe Biden held talks yesterday with his partners and allies to solidify his position of financial and humanitarian support for Ukraine in the face of the Russian invasion.
Approximately 3,000 Ukrainian tourists are stranded in the Dominican Republic; an NGO will provide them with refuge in the country.
Approximately 3,000 Ukrainian tourists are stranded in the Dominican Republic with no way to return home after flights were canceled following the Russian invasion, Ilona Oleksandrivn, Ukraine's honorary consul in the Caribbean nation, told EFE yesterday. The Tony Fernández Foundation, which was headed until his death by the former Dominican Major League Baseball player, announced it will take in several tens of thousands of the Ukrainian tourists stranded in the Dominican Republic due to the conflict between that country and Russia.
The US bans trading with the Russian Central Bank and freezes its dollar assets
The United States yesterday increased sanctions against Russia for the invasion of Ukraine and prohibited US entities from any transactions with the Russian Central Bank, in addition to freezing all of the bank's dollar assets.
Russian-Ukrainian negotiations will continue
The first day of Russian-Ukrainian negotiations held yesterday on the Ukrainian-Belarusian border, aimed at achieving a cessation of hostilities in the Russian offensive against Ukraine, ended with the intention of meeting again in the coming days.
The European Union highlights "the enormous impact" of the new sanctions on the Russian economy
The ministers of the main economies of the European Union, the European Central Bank (ECB) and the European Commission (EC) highlighted yesterday "the enormous impact" of the freeze on the assets of the Russian Central Bank decreed yesterday.
Putin pledges to Macron to respect civilians in Ukraine
Russian President Vladimir Putin pledged yesterday to French President Emmanuel Macron to respect the people of Ukraine and civilian infrastructure.
War is knocking on Europe's door
The military attack carried out by Russia against its neighbor Ukraine constitutes a violation of Ukraine's sovereignty, given that it is an independent state, free to determine its own destiny. With this decision, the Kremlin violates the most basic principles of international law, endangering the balance and peace not only in Europe but throughout the world.
Russia closes its airspace to 36 European countries and Canada
Russia closed its airspace to flights from airlines of 36 countries, including Canada and all those of the European Union, in response to the same measure adopted by these States after the start of the Russian military intervention against Ukraine, the Federal Air Transport Agency (Rosaviatsia) reported yesterday (28.02.2022) in a statement.
Sources: Diario Libre, El Caribe, El Día, Hoy, Listín Diario.
