Fifty Victorian-style houses will be restored in Sánchez; an ethical protocol for competitive processes of the Pro-Pedernales Trust is announced; American Airlines reports a profitable first quarter since the pandemic; Valdez Albizu: inflationary pressure begins to ease; FDI in the tourism sector reaches US$247.7 million; electricity providers will credit customers with the amount charged for the July bill increase; Ceara Hatton assures that a tax reform will be "inevitable"; Minister of Economy: subsidies cannot continue indefinitely; the Economic and Social Council Commission will review the Electricity Pact next Monday; the government freezes personnel appointments and salary increases; the central government reports mixed financial results in the first half of 2022; the ECB raises interest rates to 0.50%, the first increase in eleven years.
Fifty Victorian-style houses will be restored in Sánchez
Approximately 50 Victorian-style houses will be restored as part of the Building Restoration Project, "with the aim of preserving and enhancing the unique character of Sánchez's most important buildings in terms of heritage and history," explained Juan Mubarak, National Director of Monumental Heritage. Initially, eight of these houses will undergo complete repairs, while nine will be renovated.
Ethical protocol for competitive processes of the Pro-Pedernales Trust announced
The General Directorate of Public-Private Partnerships (DGAPP) and the Pro-Pedernales Trust held two meetings to present, to experts and bidding companies participating in the competitive processes for the awarding of infrastructure works and services of the Pedernales Tourism Development Project, the “Protocol for the Ethical Management of the Competitive Processes of the Pro-Pedernales Trust”.
American Airlines reports first profitable quarter since the pandemic
American Airlines, the largest airline in the United States, announced profits of $476 million in the second quarter of the year on Thursday, the company's first positive results since the outbreak of the pandemic and the cutting of state subsidies, thanks to a strong increase in demand.
Valdez Albizu: inflationary pressure begins to ease
Year-on-year inflation was lower in May and June than in April, and this trend is expected to continue for the remainder of the year, so inflation would converge to the Central Bank's (BC) target range of 4.0% ± 1.0% during 2023, reported BC Governor Héctor Valdez Albizu yesterday during his participation in the XV International Congress of Finance and Auditing (CIFA).
FDI in the tourism sector reaches US$247.7 million
The tourism sector is not only showing its recovery with the arrival of tourists, but also because it continues to lead the flow of foreign direct investment into the country, as in previous years. Of the US$1,027.7 million in foreign investment registered in the country in the first quarter of this year, the tourism industry reached US$247.7 million during this period, placing it above all other economic activities, according to data from the Dominican Republic's Export and Investment Center (Prodominicana), which uses the Central Bank as its source.
The EDE will credit clients with the amount charged due to an increase in the July bill
Through Resolution SIE-068-2022-TF, the Superintendency of Electricity (SIE) announced that it will modify Resolution No. SIE-061-2022-TF issued on June 30, in which the transition rates for the July-September 2022 quarter were established, leaving them without effect and maintaining in force the rates applied in the April-June 2022 quarter.
Ceara Hatton asserts that "tax reform will be inevitable."
The Minister of Environment and Natural Resources, Miguel Ceara Hatton, asserted that a tax reform will be "inevitable" because the country spends more than it receives in revenue. This possibility has been raised periodically for months, but it is rejected by broad sectors of society who argue that the population cannot bear any more tax burdens. "We have a structural deficit of around 3%, meaning that we spend on average 3% more than we receive in revenue," he emphasized.
Minister of Economy: we cannot continue subsidizing indefinitely
The Minister of Economy, Planning and Development (MEPyD), Pavel Isa, said yesterday that the government is being sensitive to the financial situation of Dominican households by suspending the electricity rate increase. “The president is being sensitive, and the government is being sensitive to the financial situation of households, which, although it has improved compared to a year ago or even before, in the context of a post-pandemic recovery, is now facing higher prices,” he stated.
The Economic and Social Council's committee will review the Electricity Pact next Monday
The Economic and Social Council reported yesterday that a commission from this body will meet next Monday to discuss the Electricity Pact, after President Luis Abinader announced that the Government will halt electricity rate increases until the country's economic circumstances change.
Government freezes staff appointments and salary increases
The Government informed state entities yesterday, Thursday, about the entry into force of the restriction on the entry of new personnel or movement of personnel, as well as salary readjustment in the government train.
Central Government with mixed financial results in the first half of 2022
In the first half of 2022, the central government reported a surplus of 26,853.9 million pesos, equivalent to 0.4% of the gross domestic product (GDP). However, the capital sector showed a deficit of 44,231.2 million pesos, equivalent to 0.7% of GDP, representing 47.0% of the budgeted amount. A report submitted by the Minister of Finance to the National Congress also highlights that during this period, the central government generated a financial deficit of 17,377.2 million pesos (0.3% of GDP).
The ECB raises interest rates to 0.50%, the first increase in eleven years
The European Central Bank (ECB) decided yesterday, Thursday, to raise its interest rates by half a percentage point to 0.50%, the first increase in eleven years, to curb inflation in the eurozone, which soared to 8.6% in June, and approved an instrument to prevent risk premiums in some countries from skyrocketing.
Source: Diario Libre, Hoy, Listín Diario, El Día
