Minister of Finance on economic recovery: “The flagship of our Government has been confidence”

The Minister of Finance, Jochi Vicente, assured that the key to the growth of the Dominican economy during the current government administration “is based on trust, respect for the laws and public sector support for foreign investment.”

Vicente declared that “the flagship of our Government has been trust” and pointed out that political and economic stability have been decisive in attracting foreign investment to the country, which has promoted, together with internal actors, the revitalization of the economy .

Vicente highlighted that due to the sustained growth that the country has had in the last 50 years, it has become the seventh largest economy in Latin America. He indicated that “as Dominicans we should be very proud because this growth has allowed us to have the best economic leadership in the region and a highly diversified economy.”

“We are not here (in the Government) theorizing. We have managed to make important decisions in a very short period of time, as happened with the COVID-19 vaccines, which we acquired regardless of the economic cost because the important thing was the health of the population, ”he highlighted.

The head of public finances also said that as a result of the war between Russia and Ukraine, the Government has had to subsidize fertilizer producers to counteract the high prices of these inputs in international markets.

“The objective of this measure was to prevent the collapse of the agricultural sector and the prices of the basic food basket,” he added when interviewed on the DGII 360 television program.

FISCAL RESPONSIBILITY BILL

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Regarding the Fiscal Responsibility Bill, recently submitted to the National Congress, the Minister of Finance specified that it seeks to guarantee the sustainability of the public debt, establishing a fixed debt goal of 40% of the gross domestic product (GDP) at year 2035.

“To achieve this goal, a rule is created that establishes that primary public spending would grow at a rate equivalent to the inflation expected in the macroeconomic framework, plus 300 basis points. This (the legislation) will give investors peace of mind that there will not be a fiscal collapse in the country,” he explained.

Jochi Vicente stated that the aforementioned project sends a signal to the business community, investors and the general public, that public finances are going to be managed in an orderly and prudent manner.

ELECTRONIC BILLING LAW

In another order, the person in charge of the country’s finances assessed the impact that the recently enacted Electronic Invoicing Law will have on collections and the simplification and facilitation of tax compliance.

“Electronic invoicing is a technological instrument that has a benefit at the collection level because it will attack tax evasion and avoidance, which has been so much claimed by taxpayers and has the benefit of higher collection,” he said.

Likewise, Vicente praised the modernization and technological transformations experienced by the General Directorate of Customs and the DGII to raise the quality of their services, as well as the work they carry out at the collection level.

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