CREES says public debt grew 639% since 2000
The Center refers to the Non-financial Public Sector debt
Amílcar Nivar
SANTO DOMINGO. The executive vice president of the Regional Center for Sustainable Economic Strategies (CREES), Ernesto Selman, stressed yesterday as he demanded the passage of the legislative proposal of the Law of Fiscal Responsibility that during the decade of the 90s, the public debt of the Non-Financial Public Sector fell to 27.9%, while from 2000 until April of 2014, these commitments grew by 639%, reaching US$23.977 billion.
"We have been saying that something has to be done here from the fiscal point of view, because that path we are following is of fiscal un-sustainability, which means that at any moment in the future, it is possible that the state will not have the ability to comply with all of its financial obligations," noted the CREES executive.
As he took part in a conversation on the legislative proposal for the law on Fiscal Responsibility; the International Experience, Selman said that "here we are looking at the debt of the Non-financial public sector, which is to say just about all of the government, which in the 90s was reduced to 28% and from the year 2000 until now, look at how the public debt has increased ; it multiplied itself 7.4 times.
During the discussion organized by the National Association of Young Entrepreneurs (ANJE), with the aim of talking about the international experience regarding the application of laws on fiscal responsibility in Latin America, and to discuss the proposal of law and fiscal transparency of the Dominican Republic which is now in the National Congress, Luis Loria, an economic analyst, politician and international consultant, also took part.
For the ANJE, the initiative to carry out this open conversations to the public, contributes with the process of awareness that is lacking in society regarding the importance of having a law of fiscal responsibility.
They added that this shows how in other countries they have been able to adapt to the compliance with a law of this type, and who the execution of the law has been successful, giving a positive influence to the economic development.
The ANJE stressed that compliance with the mandate established in articles 25 and 26 of Law 1-12, which establishes the National Development Strategy 2030 is urgent. In this law it is pointed out that the Dominican Republic needs a Law of Fiscal Responsibility that established consequences on the "omissions and diversions" with which the public funds are administered.
Proposal of fiscal responsibility
"The present law has as its objective the establishment of the rules and conditions needed to achieve a prudent, responsible and transparent financial administration by the state, the essential basis for the economic and sustainable development of the Nation. At the same time, it forms part of the objectives of the law the establishment of an institutional structure charged with the application and supervision of the regime of fiscal responsibility and transparency, as well as the system of consequences which are derived from disobedience, violation or non-application of the rules."
"We have been saying that something has to be done here from the fiscal point of view, because that path we are following is of fiscal un-sustainability, which means that at any moment in the future, it is possible that the state will not have the ability to comply with all of its financial obligations," noted the CREES executive.
As he took part in a conversation on the legislative proposal for the law on Fiscal Responsibility; the International Experience, Selman said that "here we are looking at the debt of the Non-financial public sector, which is to say just about all of the government, which in the 90s was reduced to 28% and from the year 2000 until now, look at how the public debt has increased ; it multiplied itself 7.4 times.
During the discussion organized by the National Association of Young Entrepreneurs (ANJE), with the aim of talking about the international experience regarding the application of laws on fiscal responsibility in Latin America, and to discuss the proposal of law and fiscal transparency of the Dominican Republic which is now in the National Congress, Luis Loria, an economic analyst, politician and international consultant, also took part.
For the ANJE, the initiative to carry out this open conversations to the public, contributes with the process of awareness that is lacking in society regarding the importance of having a law of fiscal responsibility.
They added that this shows how in other countries they have been able to adapt to the compliance with a law of this type, and who the execution of the law has been successful, giving a positive influence to the economic development.
The ANJE stressed that compliance with the mandate established in articles 25 and 26 of Law 1-12, which establishes the National Development Strategy 2030 is urgent. In this law it is pointed out that the Dominican Republic needs a Law of Fiscal Responsibility that established consequences on the "omissions and diversions" with which the public funds are administered.
Proposal of fiscal responsibility
"The present law has as its objective the establishment of the rules and conditions needed to achieve a prudent, responsible and transparent financial administration by the state, the essential basis for the economic and sustainable development of the Nation. At the same time, it forms part of the objectives of the law the establishment of an institutional structure charged with the application and supervision of the regime of fiscal responsibility and transparency, as well as the system of consequences which are derived from disobedience, violation or non-application of the rules."
Amílcar Nivar
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