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Government seeks to transfer funds for electricity sector
posted on: Jun 25 2010 10:49 by Royston. Viewed 356 times.
The Finance Minister, Vicente Bengoa, revealed Thursday that the government will submit to Congress next week, a proposed transfer of funds from various public institutions for a total of up to US$373 million for the electricity subsidy. He explained there was US$380 million allocated in the budget this year. 
Bengoa also said that failure to get congressional approval so far for the REFIDOMSA sale was causing more problems for the government as this sale would release US$133 million to the electricity sector.
He added that the electricity budget was exhausted and more funds would be needed by July. Failure to find the money would mean cost cutting measures would need to be implemented as the government could not create another deficit.
Interviewed in the National Palace after meeting with President Leonel Fernandez and the representatives of the World Bank and IDB, to discuss the electricity sector, Bengoa said that if the government increased the budget without seeking additional resources it would create a deficit.
"There must be a transfer of funds, because we can not increase spending to cover the deficit of the energy subsidy," the finance minister said .
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