Finance Ministry reestimates spending on subsidies; IMF praises measures in the Dominican Republic but warns of risks; IMF projects Dominican Republic inflation will return to the target range next year; no flight restrictions in the Dominican Republic due to monkeypox case; Texas crude closes at $98.53 a barrel; banks must comply with guidelines to offer products and services through digital channels; government will intervene on some 300 bridges showing deterioration; Jean Alain was going to launch a presidential candidacy; almost 800 million pesos have been recovered from the Medusa network.
Treasury revises subsidy spending forecast; IMF praises measures in the Dominican Republic, but warns of risks
Unforeseen expenses that were not considered when the 2022 budget was formulated, such as fuel subsidies to freeze them for four months and for certain agricultural products, the temporary elimination of tariffs on 67 food subcategories, and the expansion of targeted subsidies, among others, have led the Ministry of Finance to re-estimate total spending for this year at RD$1,129,888.3 million, equivalent to 18% of the gross domestic product (GDP), implying an increase of 8.0% compared to the budgeted level.
IMF projects inflation in the Dominican Republic will return to the target range next year
The Executive Board of the International Monetary Fund (IMF) concluded its Article IV consultation with the Dominican Republic and, among its considerations, indicated that the outlook points to a continued recovery of the local economy, "although global developments pose risks." It noted that gross domestic product (GDP) growth is expected to converge to its potential and inflation is projected to return to the target range next year as the impact of global shocks diminishes, in a context of financial stability and a strong external position.
There will be no flight restrictions in the Dominican Republic due to the smallpox outbreak
Following the confirmation of the first case of monkeypox on Wednesday afternoon, Public Health Minister Daniel Rivera announced that there would be no flight restrictions, but said that epidemiological surveillance would be intensified in the country.
The price of Texas crude oil closes at $98.53 per barrel
The price of crude oil fell 1% on Wednesday and closed at $98.53, continuing the downward trend set yesterday, when it plunged 8.2% and lost the $100 level for the first time since early May, due to fears of an economic recession.
Banks will have to comply with guidelines to offer products and services through digital channels
The Superintendency of Banks (SB) issued Circular 011/22, which establishes the guidelines that financial intermediation entities (FIEs) must follow for onboarding new clients through semi-automated or automated mechanisms, meaning without requiring them to visit their offices. In a statement, the SB explains that, until now, the possibility of acquiring products remotely only existed for users who already had other products with the issuing entity.
The government will intervene on approximately 300 bridges that are in disrepair
The Minister of Public Works, Deligne Ascención, reported yesterday, Wednesday, that his agency plans to intervene on around 300 bridges in different parts of the country that present varying levels of deterioration that warrant being corrected.
Jean Alain was going to launch a presidential candidacy
Mexican communications specialist Alejandra Lagunes, currently a senator in that country, was allegedly hired by Jean Alain Rodríguez as an advisor to promote a political project that would lead him to run for president after leaving the Attorney General's Office (PGR), according to the Medusa case. The information, obtained by Diario Libre, explains that Jean Alain Rodríguez allegedly paid Lagunes two million dollars in cash, and that this money was the product of corruption within the Medusa network.
Nearly 800 million pesos have been recovered from the Medusa network
Many of the newly implicated individuals and companies among the newly accused in the Medusa case are seeking to cooperate with the Public Prosecutor's Office by admitting to the facts and surrendering assets to avoid imprisonment, according to information obtained by this newspaper. In fact, some have already begun to cooperate, and through voluntary returns and the seizure of assets, the Public Prosecutor's Office has recovered approximately 800 million pesos of the money embezzled by the Medusa network, whose main defendant is former Attorney General Jean Alain Rodríguez.
Source: Listín Diario, El Día, Hoy, Diario Libre.
