HolaDR.com: Everything About The Dominican Republic!

I wonder where are the politicians and government officials are taking their next vacation with the people’s money and where in Europe are their kids getting their higher education? Here is the article:

In just over three years, government domestic borrowing is up by US$3.08 billion. It increased from US$1.11 billion to US$4.19 billion from 2006 to 20 April 2009, as reported in Diario Libre today. The domestic public debt of the government in 2006 was US$929.1 million.

Of the debt, most is held by the Central Government itself, with US$3.9 billion, according to data from the Ministry of the Hacienda‘s Public Credit Department.

The internal debt, measured as percentage of the Gross Domestic Product (GDP), using 1991 as the base year, increased, according to the data from 3.1% in 2006 to 8.8% as of 20 April 2009. In 2007 it was set at 2.7% of GDP and in 2008 it was at 8.7% of GDP.

The debt is broken down with US$871.3 million owed to commercial banks, US$729.1 in bonds and US$2.3 billion in recapitalization bonds.

The Non-Financed Public Sector Debt (SPNF) reached US$290 million this year.

The total of the Central Government’s debts equals US$3.903 billion plus the Non-Financial Public Sector, which is US$290 million, for a total of US$4.19 billion in domestic public debt.

The Citizens’ Alternative Forum complained that the domestic debt had already increased from US$460 million in 2000 to US$3.6 billion in 2008.

According to the Forum, most of the spending has been superfluous. During the same time, the foreign debt increased by US$5.3 billion, going from US$2 billion in 2000 to US$7.3 billion in 2008.