Posted: Fri Aug 22, 2008 1:00 pm Post subject: Large deficit reported
The government's accumulated spending was RD$11.88 billion, or 8% more than revenues collected through 8 August. According to a report by the Ministry of Hacienda the government's spending totaled RD$164.9 billion while revenues were RD$153 billion. The report indicates that the bulk of the spending was directed towards energy and petroleum subsidies. 31% or RD$51.1 billion was spent on electricity and petroleum, transport and bread subsidies. The report indicates the Tax Department collected RD$101.2 billion (66%), Customs collected RD$35.3 billion (23%) and the National Treasury collected RD$16.3 billion (11%) in revenues. The Ministry of Hacienda reported that the Central Bank's reserves decreased 11% and 0.5% between December 2007 and July 2008. Gross reserves in 2007 were registered at US$2.95 billion and in 2008 registered at US$2.7 billion for a US$282.8 million, or an 11% decrease. Net reserves went from US$2.41 bullion in 2007 to RD$2.4 billion in 2008 for an RD$11.7 million decrease, or 0.5%.
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