Senate approves increase in public debt by RD$10,627 million

Santo Domingo.– The Senate of the Republic approved this Monday, with urgency, an increase of RD$10,627 million in Law 90-24, which regulates the placement of public debt, raising the ceiling from RD$350,990 million to RD$361,618 million. The initiative will allow the Executive Branch to contract new loans with financial entities during the remainder of the year.

The Government, through President Luis Abinader, justified the measure as part of a fiscal policy “counter-cyclical” aimed at mitigating the effects of the international situation, boosting the economy and guaranteeing sustainability in public finances.

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The Fuerza del Pueblo (FP) bench voted against it, alleging that the country is in a process of indebtedness that compromises future generations. The senators’ spokesman, Eduard Espiritusanto, stated that “even the sixth generation owes money” and criticized what he called a lack of foresight in the conduct of economic policy. On her part, ruling senator Ginette Bournigal defended the approval, pointing out that with these resources works such as roads, roofing, bridges and schools have been executed. However, opposition senator Félix Bautista questioned that the project does not specify the destination of the funds, which motivated his rejection. The piece will now go to the Chamber of Deputies, where it must be approved in two readings before being sent to the Executive Branch for promulgation.