The Supplementary Estimates of Expenditure, totalling $ 235 717, 376.20, have received approval from the Dominican Parliament for the fiscal year terminating June 30, 2022.
During the maiden meeting of the first session of the eleventh parliament, which took place on Tuesday, February 7, the Estimates were presented to the House for approval.
The Dominican Republic’s Minister of Finance and Economic Development, Irving McIntyre, praises how the country’s economy was handled throughout the devastating effects of the COVID-19 Pandemic.
He also appreciated management’s efforts to counter the increasing fuel, food and shipping cost due to the ongoing Russia-Ukraine War. The conflict between the two countries will mark its first anniversary on February 24.
McIntyre highlights that the current administration will continue to take significant steps to bolster the island’s population, stabilise the country’s finances, and establish fiscal resilience to promote sustainable economic growth.
The Minister of Finance further claimed that the fact is demonstrated that for Fiscal Year 2021–2022, there will be reduced off-budget expenditures, and more payments will be dedicated towards vulnerable and productive sectors.
McIntyre pointed out that the Government is moving in the correct direction based on the feedback it has received from several international partners.
The Estimates also include $11,579,103 to the Ministry of Finance to restore majority share ownership in DOMLEC and maintain control of the National Bank of Dominica, as well as $28,307,370 to pay due diligence fees to seven highly praised international organisations to support the project’s integrity.
An amount of $61,014,350 has been given to the Ministry of housing and development to fund the Receivable Financial Assistance Program for Small Businesses Affected by the COVID-19 Pandemic and the construction of homes under the Dominica Housing Recovery Project.
The amount mentioned above also supports the construction of a road and other infrastructure-related funds to construct homes in the Kalinago Territory under the European Union Funded Recovery Post-Hurricane Maria Housing-11th EDF B-Envelope Project.
Mclntyre further remarked that vulnerable citizens in the country continue to have access to stable and respectable living conditions. It became possible through the hardworking, highly kind and caring Dominican Government.
He added, “We are moving towards giving Dominicans access to affordable housing. We recognise that home ownership gives our people a feeling of dignity and opens the door to both short- and long-term financial stability”.
The Dominican finance minister appreciated the World Bank’s contribution to enhancing the Agricultural Resilience and National Food Security Project, which provided grant funding of $5 million to buy agricultural tools and equipment for our farmers.
China donated $11,405,062 to build an agricultural science complex at One Mile Portsmouth, and the Japanese Government contributed $5,559,835 to restore the Roseau and Marigot Fisheries Complexes.