More than US$34.33 billion is being invested in the Dominican tourism sector; fuel prices will remain the same; the Dominican Republic contained inflation by 3.5% by subsidizing fuels; the price of Texas crude oil remains above $117; a company and the Samaná tourism cluster are strengthening relations with the public sector; two dead and one wounded in a drive-by shooting on the Mella highway; the Dominican Republic is believed to have little room to raise taxes; the Dominican Republic is among the Latin American countries with the lowest rate increases; Unión Médica inaugurates its new towers E and F.
More than US$34.33 billion would be invested in the Dominican tourism sector
Over the next four years, the Dominican Republic's tourism sector is expected to receive approximately $34.331 billion in investments in mixed, hotel, and real estate projects, adding nearly 9,026 rooms to the Dominican market.
Prices for all fuels will remain the same
For the week of June 4-11, all fuels will maintain the same price as the previous week, as ordered yesterday, Friday, by the Ministry of Industry, Commerce and MSMEs (MIC). Premium gasoline will continue to cost RD$293.60; regular gasoline RD$274.50; premium diesel RD$241.10; and regular diesel RD$221.60.
The Dominican Republic contained inflation by 3.5% by subsidizing fuels
Inflation in the Dominican Republic has reached a year-on-year increase of 9.64 percent, but the Minister of Industry, Commerce, and MSMEs, Víctor "Ito" Bisonó, asserts that fuel subsidies have helped contain an additional 3.5 percent rise. In an interview with EFE, Bisonó also discusses the strength of the free trade zones, the Dominican Republic's main export sector, and addresses the trade agreement the Caribbean nation is negotiating with Colombia.
The price of Texas crude oil remains above $117
The price of West Texas Intermediate (WTI) crude oil opened Friday with a 0.35 percent increase, reaching $117.28 a barrel, as the 100th day since Russia's invasion of Ukraine approaches and geopolitical tensions continue. At 9:05 a.m. local time in New York (1:05 p.m. GMT), WTI for July delivery were up 41 cents from the previous session's close.
Samaná Tourism Cluster and Businesses Strengthen Relations with the Public Sector
The Association of Hotels and Tourism Companies of Samaná (Ahetsa) and the Samaná Tourism Cluster (CTS) met with provincial authorities to follow up on projects of the Samaná Comprehensive Tourism Development Plan.
Two dead and one injured in shooting attack on SUV on the Mella highway
Two men were killed and a third was wounded Friday afternoon when they were attacked by hooded men while traveling on the Mella highway in the San Isidro sector of Santo Domingo East. The three men were traveling in a gray 2020 Honda CRV SUV with temporary license plates . The incident occurred at 4:18 p.m. in a hardware store parking lot, where the occupants of the SUV entered after realizing they were being followed, according to a witness.
The Dominican Republic believes it has little room to raise taxes
Economist Ricardo Hausmann believes the country has limited fiscal space and “perhaps less than it would like.” The Harvard University professor stated that the country's public debt-to-GDP ratio is average for Latin America. However, he noted that the country's public debt-to-tax-revenue ratio is not low. As a short-term macroeconomic strategy, the country must consolidate its fiscal accounts.
The Dominican Republic is among Latin American countries with the lowest interest rate increases
Although the Central Bank has implemented five increases in its monetary policy interest rate since November 2021 to combat inflation and prevent currency devaluation, it is still among the countries in the region where the rate increase has been lower.
Meanwhile, the five increases in the country have accumulated an increase of 350 basis points, in Argentina the increase has been 1,100 points; Brazil,1,075; Chile, 775; Paraguay, 600; Peru, 475; Uruguay, 475; and in Colombia, 425 points.
Medical Union inaugurates its new towers E and F
The Unión Médica del Norte clinic inaugurated its new hospital and surgical service towers E and F yesterday. With an investment of RD$40 million, the towers add 21,160 square meters to the health center, as well as 92 patient rooms and 82 consulting rooms. The infrastructure was blessed by the auxiliary bishop of Santiago, Monsignor Valentín Reynoso, during a ceremony led by President Luis Abinader and the Minister of Health, Daniel Rivera.
Sources: Hoy, Diario Libre, Listín Diario, El Día.
