Dominican Republic - Public Expenditure Review : Reforming Institutions for a More Efficient Public Expenditure Management

Dominican Republic - Public Expenditure Review : Reforming Institutions for a More Efficient Public Expenditure Management

The economic performance of the Dominican Republic over the past three years, has been less impressive than in the 1990s. During 2001-2002, economic growth slowed down to 3.5 percent per annum on average, due to the combination of external factors...

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Bibliographic Details
Main Author: World Bank
Format: Public Expenditure Review
Language:English
en_US
Published: Washington, DC 2013
Subjects:
PUBLIC EXPENDITURES; ECONOMIC PERFORMANCE; ECONOMIC CRISIS; FISCAL CONSTRAINTS; EXTERNAL SHOCKS; OIL PRICES; PUBLIC SPENDING; POLICY FRAMEWORK; DEFICITS; EXTERNAL FINANCE; BANKING CRISES; ELECTRICITY PRICING; GROSS DOMESTIC PRODUCT; PUBLIC FINANCE; ECONOMIC GROWTH; POVERTY REDUCTION; SOCIAL SECTOR INVESTMENT; REFORM POLICY; BUDGET PROCESS; BUDGET CONTROL; POLICY FRAMEWORK; MONITORING CRITERIA; CIVIL SERVICE REFORMS; DECENTRALIZATION; LOCAL GOVERNMENT EXPENDITURES; GOVERNMENT FINANCE;
Online Access:http://documents.worldbank.org/curated/en/2004/03/3178950/dominican-republic-public-expenditure-review-reforming-institutions-more-efficient-public-expenditure-management
http://hdl.handle.net/10986/15545
id okr-10986-15545
recordtype oai_dc
spelling okr-10986-155452021-04-23T14:03:17Z Dominican Republic - Public Expenditure Review : Reforming Institutions for a More Efficient Public Expenditure Management World Bank PUBLIC EXPENDITURES; ECONOMIC PERFORMANCE; ECONOMIC CRISIS; FISCAL CONSTRAINTS; EXTERNAL SHOCKS; OIL PRICES; PUBLIC SPENDING; POLICY FRAMEWORK; DEFICITS; EXTERNAL FINANCE; BANKING CRISES; ELECTRICITY PRICING; GROSS DOMESTIC PRODUCT; PUBLIC FINANCE; ECONOMIC GROWTH; POVERTY REDUCTION; SOCIAL SECTOR INVESTMENT; REFORM POLICY; BUDGET PROCESS; BUDGET CONTROL; POLICY FRAMEWORK; MONITORING CRITERIA; CIVIL SERVICE REFORMS; DECENTRALIZATION; LOCAL GOVERNMENT EXPENDITURES; GOVERNMENT FINANCE; The economic performance of the Dominican Republic over the past three years, has been less impressive than in the 1990s. During 2001-2002, economic growth slowed down to 3.5 percent per annum on average, due to the combination of external factors (the global economic slowdown and high oil prices), and domestic policy weaknesses. The government responded to the growth slowdown with increased public spending, which led to high deficits, largely financed by foreign borrowing. In 2003, economic performance worsened further, due to a massive banking crisis, epitomized by the collapse of the third largest commercial bank, Baninter, amidst mismanagement, fraudulent banking practices and inadequate banking supervision. With the banking crisis, the electricity crisis and the deterioration in market sentiment, real GDP growth fell to negative 1.3 percent in 2003. Fiscal adjustment, with a view to stabilizing the public debt, is central to the authorities' macroeconomic program supported by an International Monetary Fund - IMF Stand-By Arrangement. The main messages of this Report can be summarized as follows: 1) the Dominican Republic will need to decisively improve the allocation and efficiency of its public expenditures in order to resume economic growth and poverty reduction; 2) there is room for selective expenditure increases in the social sectors, provided the inefficiencies that affect public expenditure in these sectors can be eliminated; 3) steps should also be taken to de-concentrate, and professionalize decisions affecting budget preparation, execution and control, introduce aspects that would better help inform policymakers, and support better policy choices, and improve the monitoring of public spending; and, 4) efforts should be made to professionalize the civil service, and accelerate the decentralization process, sequencing and putting in place the conditions that guarantee sound public expenditure management at the local, as well as central levels of Government. 2013-09-03T21:34:40Z 2013-09-03T21:34:40Z 2004-03-15 http://documents.worldbank.org/curated/en/2004/03/3178950/dominican-republic-public-expenditure-review-reforming-institutions-more-efficient-public-expenditure-management http://hdl.handle.net/10986/15545 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Public Expenditure Review Economic & Sector Work Latin America & Caribbean Dominican Republic
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic PUBLIC EXPENDITURES; ECONOMIC PERFORMANCE; ECONOMIC CRISIS; FISCAL CONSTRAINTS; EXTERNAL SHOCKS; OIL PRICES; PUBLIC SPENDING; POLICY FRAMEWORK; DEFICITS; EXTERNAL FINANCE; BANKING CRISES; ELECTRICITY PRICING; GROSS DOMESTIC PRODUCT; PUBLIC FINANCE; ECONOMIC GROWTH; POVERTY REDUCTION; SOCIAL SECTOR INVESTMENT; REFORM POLICY; BUDGET PROCESS; BUDGET CONTROL; POLICY FRAMEWORK; MONITORING CRITERIA; CIVIL SERVICE REFORMS; DECENTRALIZATION; LOCAL GOVERNMENT EXPENDITURES; GOVERNMENT FINANCE;
spellingShingle PUBLIC EXPENDITURES; ECONOMIC PERFORMANCE; ECONOMIC CRISIS; FISCAL CONSTRAINTS; EXTERNAL SHOCKS; OIL PRICES; PUBLIC SPENDING; POLICY FRAMEWORK; DEFICITS; EXTERNAL FINANCE; BANKING CRISES; ELECTRICITY PRICING; GROSS DOMESTIC PRODUCT; PUBLIC FINANCE; ECONOMIC GROWTH; POVERTY REDUCTION; SOCIAL SECTOR INVESTMENT; REFORM POLICY; BUDGET PROCESS; BUDGET CONTROL; POLICY FRAMEWORK; MONITORING CRITERIA; CIVIL SERVICE REFORMS; DECENTRALIZATION; LOCAL GOVERNMENT EXPENDITURES; GOVERNMENT FINANCE;
World Bank
Dominican Republic - Public Expenditure Review : Reforming Institutions for a More Efficient Public Expenditure Management
geographic_facet Latin America & Caribbean
Dominican Republic
description The economic performance of the Dominican Republic over the past three years, has been less impressive than in the 1990s. During 2001-2002, economic growth slowed down to 3.5 percent per annum on average, due to the combination of external factors (the global economic slowdown and high oil prices), and domestic policy weaknesses. The government responded to the growth slowdown with increased public spending, which led to high deficits, largely financed by foreign borrowing. In 2003, economic performance worsened further, due to a massive banking crisis, epitomized by the collapse of the third largest commercial bank, Baninter, amidst mismanagement, fraudulent banking practices and inadequate banking supervision. With the banking crisis, the electricity crisis and the deterioration in market sentiment, real GDP growth fell to negative 1.3 percent in 2003. Fiscal adjustment, with a view to stabilizing the public debt, is central to the authorities' macroeconomic program supported by an International Monetary Fund - IMF Stand-By Arrangement. The main messages of this Report can be summarized as follows: 1) the Dominican Republic will need to decisively improve the allocation and efficiency of its public expenditures in order to resume economic growth and poverty reduction; 2) there is room for selective expenditure increases in the social sectors, provided the inefficiencies that affect public expenditure in these sectors can be eliminated; 3) steps should also be taken to de-concentrate, and professionalize decisions affecting budget preparation, execution and control, introduce aspects that would better help inform policymakers, and support better policy choices, and improve the monitoring of public spending; and, 4) efforts should be made to professionalize the civil service, and accelerate the decentralization process, sequencing and putting in place the conditions that guarantee sound public expenditure management at the local, as well as central levels of Government.
format Economic & Sector Work :: Public Expenditure Review
author World Bank
author_facet World Bank
author_sort World Bank
title Dominican Republic - Public Expenditure Review : Reforming Institutions for a More Efficient Public Expenditure Management
title_short Dominican Republic - Public Expenditure Review : Reforming Institutions for a More Efficient Public Expenditure Management
title_full Dominican Republic - Public Expenditure Review : Reforming Institutions for a More Efficient Public Expenditure Management
title_fullStr Dominican Republic - Public Expenditure Review : Reforming Institutions for a More Efficient Public Expenditure Management
title_full_unstemmed Dominican Republic - Public Expenditure Review : Reforming Institutions for a More Efficient Public Expenditure Management
title_sort dominican republic - public expenditure review : reforming institutions for a more efficient public expenditure management
publisher Washington, DC
publishDate 2013
url http://documents.worldbank.org/curated/en/2004/03/3178950/dominican-republic-public-expenditure-review-reforming-institutions-more-efficient-public-expenditure-management
http://hdl.handle.net/10986/15545
_version_ 1764428501251784704

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