Omar Fernández questions new debt for US$2.75 billion, while there are US$3.7 billion in loans

Santo Domingo.— The senator of the Republic for the National District, Omar Fernández, warned this Wednesday that the Government of the Dominican Republic placed US$2.75 billion in sovereign bonds even though there are more than US$3.7 billion in previous financings in public accounts that remain unexecuted. Fernández maintained that the problem does not lie in the State taking out loans, but in the use given to those resources. “The problem is not borrowing; the problem is borrowing for nothing. Incurring debt does not generate well-being; it generates bills,” he expressed. He indicated that, by adding both figures, the country has around US$6.5 billion in resources taken without a visible impact on infrastructure, public services, or economic dynamism, which is equivalent to about US$600 per Dominican.

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The legislator from Fuerza del Pueblo stated that this situation is reflected in the low economic growth recorded, which is around 2.1%, a figure that, in his opinion, is well below the historical potential of the Dominican Republic. “If the money doesn’t reach roads, drainage, electrical infrastructure, industrial zones, or investment in knowledge and innovation, then it’s not investment: it’s cost,” he pointed out. Furthermore, he warned that the lack of execution is holding back the current generation, not only compromising future ones. Alternatively, he proposed to initiate an aggressive capital investment plan to close the accumulated lag since 2020 and stop new debt issuances until the already available resources are used.

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“When the State saves on infrastructure, the people pay in arrears. Today we have the opportunity to convert that money into real development for the people,” he concluded.