reduce rate unemploymentformal occupation, inflation and the poverty rate, are the four main challenges who will have to deal with government short-term, according to the Minister of Economy, Planning and Development, Miguel Ceara Hatton.
The official spoke of these challenges when giving the conference “2022 Economic Outlook” at a lunch, organized by the Chamber of Commerce and Production of Santiago.
The minister said that in general the commodities Agricultural prices experienced increases in the international market in February and the prices of soybeans, soybean oil, corn, and wheat increased by 13.7%, 11.7%, 6.7%, and 4.5%, respectively.
He assured that this was driven by weather conditions in South America and the conflict between Russia and Ukraine, which had a negative impact on prices.
Ceara Hatton maintained that the Dominican State is working to overcome these challenges. The Minister of Economy highlighted the increase in social spending to reduce poverty and mitigate inflation imported.
He referred to the minimum fiscal sacrifice of between RD$600 and RD$1,000 million per week; of RD$2,400 and RD$4,000 million pesos per month, and of RD$9,600 and RD$16,000 million pesos during its four months of application.
He also cited the immediate subsidizing of up to 10%, imports of corn, wheat, soybeans, flour and vegetable fat, for a period of six months (three billion pesos).
He argued that in February the price of crude oil registered an average increase of 10.1% per month and 115.8% compared to August 2020.
He explained that in the national market, the State continues to partially assume the differential in fuel prices, so these increases have not been fully reflected.
The Minister of Economy, Planning and Development, Miguel Ceara Hatton, highlighted the measures taken by the government to reduce the poverty rate during the COVID-19 crisis.
The official mentioned the targeted subsidies from 2021 and direct support measures for those most in need, such as special food sales programs, including the increase in transfers to the Supérate card, the increase in the Bono Gas subsidy, the extension of the food rations in the cheap dining rooms, the installation of more Inespre popular markets and doubling its warehouses for the direct sale of products in the country.
“We will promote a space for inter-institutional coordination, application of fair prices, we will streamline government procedures and permits,” said the Minister of Economy.
Similarly, Ceara Hatton said that a grace period of six months will be available for principal payments of Banco Agrícola loans.
At the event, held at the Hodelpa Gran Almirante hotel, the president of the business entity, Carlos Iglesias, gave the welcoming remarks.