Economists consider positive the restrictive monetary policy applied by the Central Bank

The Dominican Central Bank (BC) recently decided to raise the policy interest rate monetary policy (TPM) by 25 basis points, moving it from 8.25% to 8.50% annually in October of this year. Economists rated these restrictive monetary measures as “good and valid,” but with “shy” results. The government’s goal is to reduce the nation’s 8.24% annual rate of inflation, which was the final reading. The MPR was generally raised by the Central Bank in 2022, rising from 4.50% in January to 8.50% in November, a 400 basis point increase. The rates for permanent facilities also increased, from 5% to 9% for liquidity expansion and from 4% to 8% for remunerated deposits.

According to Miguel Collado Di Franco, executive vice president of the Regional Center for Sustainable Economic Strategies (CREES), central banks must implement contractionary measures to smooth out cycles when various factors, particularly external ones, have an impact on inflation after applying expansionary measures to provide liquidity to the productive sectors in a pandemic context. Collado continued, “Unwanted effects of inflation have also emerged, which are now being corrected with the monetary contraction,” after “creating the conditions to stimulate the economy in 2020 and 2021.” Since the consumer price index (CPI) showed a downward trend, he maintains that these measures internally contributed. Reduced inflation results in “higher lending rates as well as additional active and passive rates,” the author notes.

Henri Hebrard, an economist, noted that other central banks also took similar actions to reduce inflation in their economies, indicating that these measures were not unique to the Dominican Republic and were, in fact, unavoidable. “The policy has been sound, but I believe the results have been underwhelming. The good news is that they are declining, especially the most significant one at the bottom,” he said. The business consultant emphasized that just because inflation is declining does not automatically translate into rising prices for goods. “People must be made aware that prices are still rising, albeit more slowly. Even though inflation is currently declining, prices are still rising, albeit more slowly. We must not confuse people there,” Hebrard said.

All about medical exam dates for DR residency

The DR has cut waiting times for medical exams for residency purposes. During the height of the COVID Pandemic, waiting times were arguably out of control. However, according to Maria Abreu, CEO and Managing Attorney of Abreu & Associates, a law firm practicing exclusively in Dominican Republic Immigration and Nationality law, the current average waiting time is seven to ten days. Furthermore, you do not need to stay in the country while waiting for the appointment to be scheduled.

The residency application process starts at the DR consulate in the applicant’s country of origin. After going to the consulate and doing the necessary paperwork, the applicant has 60 days to enter the DR and start the next stage of the residency application process.

Upon entry into the country, the applicant or their legal representative has to create a profile on the immigration authority’s digital portal and upload a file. Once immigration completes an internal evaluation and finds everything in order, they will issue approval to proceed with the medical exam. The applicant is notified via the immigration authority’s platform and is expected to attend the medical exam on the given date. At the time of publication, applicants are typically waiting seven to ten days for the exam date to be issued.

Dominican Today spoke to Maria Abreu and asked what happens if the applicant cannot wait in the country for the exam date. Ms. Abreu explained, “When my clients cannot wait because of work commitments, for example, they enter the country, so they get the entry stamp to complete their file and set the process in motion, and then they immediately travel back home.” The immigration lawyer then went on to add, “Once the medical appointment is approved and the date comes up on the system, my clients scheduled to return to the DR.”

Although waiting times have been dramatically cut and currently stand at an average of seven to ten days, it is nonetheless not mandatory to remain in the country while waiting for their medical exam appointment.

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Maria Abreu is the CEO and Managing Attorney of Abreu & Associates, a law firm practicing exclusively in Dominican Republic Immigration and Nationality law. She is also the founder of Retire and Invest DR. This organization hosts conference events for foreigners interested in living, retiring, and investing in the DR. You can contact Maria at: mabreu@abreuimmigration.com.

Tourists generated more than US$7 billion for Dominican Republic

David Collado, the Dominican Republic’s minister of tourism, announced yesterday that 491,788 visitors came to the country in October 2022. Collado noted that more visitors arrived in the nation last month than on the same dates in 2018 and 2019, during the presentation of the customary report on this industry. “We succeeded once more, and what a success it was, with 119,582 more visitors than in 2019”. When presenting the report at a hotel in the National District, Collado stated, “This is the second consecutive October that we have broken records, something truly historic”.

Additionally, he noted that 5,826,078 people entered the nation in the first 10 months of this year, bringing in more than US $ 7 billion. From January to October, the country received the arrival of 5,826,078 travelers by air. Meanwhile, the cruise industry also registered notable growth, with the arrival of 88,178 visitors in the month of October. In this context, he expressed that Amber Cove exceeded the arrival of passengers in October with 49,342, followed by Taino Bay with 26,100 in 11 operations, La Romana Port with 10,589, and Sans Souci Port of Santo Domingo with 2,147 in 13 tourist boat operations. He said that in October alone, the arrival of visitors generated more than $517 million in foreign currency.

“This means that in the first 10 months of this year, the arrival of visitors contributed US$7.2 billion to our economy,” said the official. Likewise, he highlighted that this year will end with the arrival of more than 7,000,000 tourists and revenues that will exceed USD 8 billion. When talking about hotel occupancy and with 90% room availability, he maintained that 64% were registered, obtaining the destinations Romana-Bayahibe (81%), Bávaro-Punta Cana (68%), Samaná (61%), Boca Chica-Juan Dolio (54%), and Greater Santo Domingo (60%). The Vice Minister of Tourism, Jacqueline Mora, reported that 400,357 visitors corresponded to foreigners and 91,430 to Dominicans. She commented that the growth is despite the downward trend in Eastern and Central Europe due to the war between Russia and Ukraine.

Hotels and airports implement protocols for the peak travel period in the DR

The country’s hotels and airports are prepared to close in the final quarter of this year, 2022, with increased traffic for the winter travel season. The tourism industry anticipates an increase in visitors from Canada once that nation lifts the travel restrictions that were in place because of the COVID-19 virus pandemic. According to Rafael Blanco Tejera, president of the National Association of Hotels and Restaurants (Asonahores), Canadian tourism is expanding significantly, and as a result, more travelers are anticipated from that nation, which has been one of the major emitters.

The agreements that the government, Air Canada Vacation, Grupo Sunwing, and Air Transat signed in May as part of a plan to increase Canadian visitor arrivals as tourism began to rebound were highlighted by Blanco Tejera. “Managing direct flights from Canada was important for tourism in general, which has helped the sector,” he added.

In that order, he claimed that significant growth is anticipated because Canadians are more likely to travel during the winter because of the country’s climatic conditions, for which the hotels are already equipped.

Arajet expands: connects 15 destinations in 10 countries

Two new routes from Las Américas International Airport (AILA) to Quito (UIO) and Guayaquil (GYE) have been launched by Arajet. Additionally, he revealed that in just two months, more than 67,000 tickets had been sold, exceeding their projections. In accordance with a statement, the airline is making aviation history by inaugurating service between Santo Domingo and Quito on Mondays and Fridays and between Guayaquil on Thursdays and Saturdays.

With the addition of the two new routes to Quito and Guayaquil in Ecuador, the current route network of Arajet will now connect Santo Domingo with North, Central, and South America as well as the Caribbean. Dominicans will now have new direct flight options with the best services and the lowest market fares. The CEO and founder of Arajet, Victor Pacheco Méndez, stated that “offering the lowest rates to the Dominican public is allowing us to build affordable air travel for our passengers, which has caused an extraordinary response.”

The fact that our sales have surpassed expectations in the first two months is what’s causing Arajet to grow so quickly. “We are already on track to deliver 19 routes connecting Santo Domingo with 11 countries in the Americas in 2022,” he continued.

Over the past 27 months, the peso has appreciated by 8.75% against the dollar

When comparing the price of the US currency in July 2020 with September 2022, the Dominican peso has appreciated by 8.75% (RD$5.0968), while the average exchange rate for sale decreased from RD$58.2693 to RD$53.5243. 27 months have passed throughout this time, and with very few exceptions, the foreign exchange market has only slightly moved in the other direction. Why is the dollar weakening versus the peso at a time when it is strengthening against the euro and other currencies in Latin America? Is this a result of the Central Bank’s stringent monetary policy, or are there other forces at play? Is it a result of the remittance inflow, which is still more than it was before the pandemic? While this is going on, the monetary authorities are increasing the policy rate once more by 25 basis points, bringing it from 8.00% to 8.25% annually.

This increase in the value of the peso relative to the dollar comes after the price of the US currency increased 9.08% in the first half of 2020, rising from an average of RD$53.0417 in January to RD$58.2693 in July, which is equivalent to RD$4.8152 in absolute terms. Since the dollar is currently trading at nearly the same level as it did in January 2020, the peso has gained back the ground it lost during this time. The Dominican peso has appreciated 4.34% in the first five months of this year, or since the price against the greenback rose from RD$57.5240 to RD$55.0592, which may be the time when the peso’s appreciation against the dollar has been felt the most. The dollar’s value versus the peso has decreased by RD$3.28 since May, or 3.11%. The peso has increased 7.45% so far this year, translating to a net loss of RD$4.3083 for the dollar relative to the Dominican peso.

The Central Bank of the Dominican Republic (BCRD) points out that between January and August 2022, remittances received totaled US$6,518.8 million, exceeding the US$1,792.8 million received in the first eight months of 2019, the time frame before the start of the covidio-19 pandemic. This coincides with the Dominican peso’s appreciation against the dollar.

Caribbean Corridor will be constructed by a Dominican-Panamanian consortium

Rafael Sabonge, the minister of public works, and President of Panama, Laurentino Cortizo, gave the Transeq-Estrella Consortium the go-ahead to start building the Caribbean Corridor, which will cost 91 million dollars. The Quebrada Ancha-Maria Chiquita highway, which is 28 kilometers long and will modernize the local road network, will be designed, built, and funded as part of the project.

President Cortizo declared, “We are adding a new road structure to improve land connectivity in the province of Colón with the delivery of the order to proceed for the construction of the Caribbean Corridor Project. The head of the Executive Power emphasized that new opportunities for internal tourism are created with road network optimization, which benefits the most vulnerable population and is always done with the intention of achieving the social development of the nation.

According to President Cortizo, the project will be completed two years after the delivery of the go-ahead order. “This is yet another project undertaken by our administration as part of the government’s economic recovery strategy, always with a view to promoting the welfare and advancement of all Panamanians.”

Elizabeth de León, the first Dominican to lead the US Department of Housing

Elizabeth de León is the second Dominican to serve as the head of a US federal agency and the first to lead the Department of Housing and Urban Economic Development. De León proudly speaks of his roots as he assumes a new role, now nationally, from Washington, D.C .After a successful career as a lawyer in New York City, where she had the opportunity to be the first Latina and Dominican to be Secretary of Labor, Attorney General, Senior Advisor to the President of the City Council, and Assistant Commissioner of the Department of Small Business.

The Dominican woman enthusiastically describes her trips to Salcedo, the Dominican Republic, the location of her parents’ births, as well as the stories her mother told her about the field and having to wash in river stones.

Elizabeth was born in the Bronx and recalls having to move to Upper Manhattan and stay with family when she was three years old because of a fire in her building.

5,822 cruisers travel to Puerto Plata on the largest ship that docks in the DR

With the arrival of the Allure of the Seas, which is owned by the Royal Caribbean shipping company and is regarded as one of the largest cruise ships in the world, Puerto Plata, which has a tourist terminal at Taino Bay, becomes the first location in the nation to receive the largest cruise ship that visits the Dominican Republic. The performance of “Allure of the Seas” will have a significant economic impact on the nation and will inspire confidence in the cruise industry, according to Jean Luis Rodriguez, director of the Dominican Port Authority (Apordom), positioning the Dominican Republic to achieve its goal of becoming the Caribbean Cruise Hub.

“Based on the fact that each cruise passenger spends about 100 dollars per capita on land, we would be talking about an economic spill in Puerto Plata of more than half a million dollars.” “This fills us with pride to see in Taino Bay a dream come true, not only for those who descend from the cruise ships but also for the people of Puerto Plata, whose quality of life has been impacted by the arrival of more and more cruise passengers,” said the head of Apordom. On his side, Harold Sanders, manager of Taino Bay, affirmed that these 5,822 cruise passengers are the largest amount they have received since the opening of the terminal and that with the arrival of “Allure of the Seas,” the port is placed within the threshold with the capacity to receive this type of vessel.

“92% of the people on the ship got to know Puerto Plata, and that speaks of an achievement for Taino Bay and for the province that receives an important economic spill.” “Of the 5,370 passengers who got off, 1,612 went on a tour, 696 took taxis to different parts of the city, and the rest, 3,162, distributed themselves, walked to the historic center, and visited the port, leaving on average a little more than half a million dollars only in one day for Puerto Plata,”  assured Sanders.

The Tourism Law needs to be changed immediately in the Dominican Republic

The current version of the Tourism Law (541) restricts the establishment of small businesses to provide the various services that tourists need, which limits the sector’s social impact on the communities. This limits the development of emerging tourist destinations. This statement has been made by Elizabeth Tovar, vice president of the organization, and Rafael Nazario, executive director of the Tourism and Productive Cluster of the Province of Barahona (CTPPB). They argued that because Law 541 was passed in 1969 and the tourism industry has changed significantly since then, its revision is urgent and must take place immediately.

They believed that a gap in the law and regulations was to blame for the hotels’ lack of classification. They emphasized that despite attempts to change the tourism law, such changes are not possible without first consulting the relevant parties. Nazario emphasized that “Law 541 is a barrier to the growth of emerging tourist destinations.” He clarified that the classification of businesses that provide tourist services, including not only transportation or tour operations but also other businesses that provide services to tourists, is not contemplated by the law. Additionally, he added that “there is no guarantee that a tourist will be taken to a place without risk of being poisoned” because “small restaurants do not have real supervision to ensure that what they are offering is fulfilled.” 

Tovar stated that tourism laws make it challenging for developing locations to grow, citing the fact that only a sizable transport company with six vehicles is allowed to enter and a number of other conditions must be met in order to develop Barahona or Pedernales, which are extremely costly for any emerging location. She believed that the law placed severe limitations on how tourists could be transported. The National Institute of Transit and Land Transport (Intrant) now oversees transportation, but with the same flaws. According to the newspaper Hoy, she claimed that the predicament leads to the existence of a sizable number of unauthorized tour operators who offer services without the necessary licenses.

The President presents 100 solar-powered eco-houses to underprivileged families in Azua.

The Eco-Habitat Angel Dario Ramirez housing project for social inclusion, which consists of 100 houses and will benefit the same number of families living in conditions of extreme poverty in this province, was officially launched by President Luis Abinader in the El Barro Arriba Municipal District of the Azua de Compostela Municipality. Minister Neney Cabrera, in charge of the Directorate of Strategic and Special Projects of the Presidency (Propeep), which oversaw the eco-housing project, was present as the head of state cut the ribbon.

The police station and areas for social and recreational activities will make this community safe and respectable, the president noted during the delivery ceremony. Abinader emphasized the significance of the project, with which the government ensures that it enhances and elevates the standard of living for the 100 beneficiary families, who reside in modest homes and endure extreme destitution.

He insisted that the initiative is a component of his social inclusion program in support of Dominicans who require the most support and assistance from the government. According to the president, these homes are also being constructed in other provinces of the nation with the intention of fostering an environmentally friendly way of life. He also acknowledged Propeep and Minister Cabrera’s efforts in building the houses, which he believed should serve as a model for other communities where they will be built.

After promising that his administration would continue to work for the good of all Dominicans, Abinader said, “I congratulate all the beneficiaries of these houses, which is an act of justice and where families can live with more peace of mind and a better quality of life.”

Puerto Plata shines in cruises with the largest ship that touches the DR

Another triumph for Puerto Plata in the cruise business. According to Jean Rodriguez, executive director of the Dominican Port Authority (Apordom), this time its new Taino Bay terminal will make history by receiving on Monday the largest cruise ship that arrives in the Dominican territory. The Apordom’s owner claims that the ship, whose company is unknown, cost close to $1.55 billion and arrived in the Dominican Republic “because as a Cruise Hub country we generate trust in the industry internationally. For this reason, this port terminal guarantees the growth and dynamism of the economy of the entire north and of the country.”

The oasis-type cruise ship, which has a length of 360 meters and an elevation of 72 meters above the sea, as well as a sizable open area of tropical vegetation, terraces, and shops, has the capacity to carry more than nine thousand people, including passengers and crew. According to the note, “The Dominican Republic’s tourism authorities view this cruise port as a crucial component of the initiatives for the relaunch of Puerto Plata as one of the country’s important destinations, and they project that in the next two years there will be more terminals that can receive vessels of this type.”

The Taino Bay terminal offers tour sales services for the city’s tourist attractions, leisure facilities, dining establishments, retail stores, and other services. In addition, there are warehouses, service areas in each area, and locations for waste disposal.

Airports Department inaugurates heliport in Barahona

Barahona. – The Airports Department (DA) inaugurated this Friday and left in operation the Barahona Heliport, in an act headed by the President of the Republic, Luis Abinader, in which it was announced to the country the implementation of the National Network of Heliports project.

“This ambitious project consists of building or remodeling heliports in regional and specialized hospitals, as well as in road networks and the main centers of interest nationwide, to attend emergency situations, rescue, and support tourism,” said Victor Pichardo, director of the DA, in his speech.

Pichardo pointed out that the National Heliport Network represents one of the institution’s main goals, with a view to supporting the expansion of tourism and commercial and emergency operations carried out by the government throughout the country, especially in the southern region.

He said that, in the case of the Barahona Heliport, named Luis J. Féliz (Neny) in honor of one of the DA’s collaborators born in the area, who died along with five others in the accident of October 2020, it would provide a point of aerial interconnection that will serve as a reference for the community itself, and for the development project that the State is carrying out in the Enriquillo region.

This heliport, whose cost was around 26 million pesos, is located on the city’s seawall, considered a strategic, attractive, and tourist position. It also has an aircraft parking position, which will allow simultaneous operations.

The structure, built in a space of 5,400 square meters, has a 324m2 Helipad equipped with an aeronautical lighting system that can be activated by radio frequency from the helicopters, allowing safe night operations.

It also has a terminal building with facilities, equipment such as a power plant, a sewage treatment system, a parking lot with a capacity for 10 vehicles, including a charging station for electric vehicles, and an intelligent irrigation system, among others.

In his speech, Mayor Mictor Fernández highlighted Abinader’s interest in the actions he has been developing in this province since the first day of his government mandate. Also present at the ceremony were the ministers Joel Santos, of the Presidency; José Ignacio Paliza, Administrative of the Presidency; Deligne Ascención, of Public Works, and the director of the Civil Aviation Board (JAC) and the provincial governor Dionne Maribel González.

Also present were Major General Carlos Febrillet, Commander General of the Dominican Air Force; Vice Admiral Francisco Sosa, Commander General of the Navy; and Venancio Alcántara, Director General of Migration, among others.

Tourism will remodel San Pedro de Macorís boardwalk with 260 million pesos

The San Pedro de Macoris boardwalk reconstruction project, which will cost more than 260 million pesos, received a symbolic start this Sunday from Minister of Tourism David Collado. According to a statement from the ministry, the coastal reconstruction project on the 1.8-kilometer San Pedro de Macoris boardwalk includes the construction of a linear park with a 60,000 square meter total intervention area.

Along the boardwalk, the main island, and the waterfront, landscaping work will be done. Recreational areas like squares, playgrounds, an outdoor gym, and a volleyball court will be added to this. Collado emphasized the significance of the project as a tourist destination and the advantages it will bring to nearby small and medium-sized businesses.

“We must turn our backs on the sea if we want to live. The official said, “This intervention will represent a before and after in San Pedro de Macoris.” Nine double sales modules, complete with warehouses and equipment, are part of the project.

La Isabela airport to Pedernales domestic flights will cost $50 USD

As part of the initiatives for the development of Pedernales as a new tourist destination, the General Directorate of Public-Private Partnerships (Dgapp), the Pro-Pedernales Trust, and the Civil Aviation Board (JAC) announced on Tuesday the beginning of domestic flights from the La Isabela Dr. Joaquin Balaguer airport (Santo Domingo North) to the Cabo Rojo aerodrome, near Pedernales. 

Sigmund Freund, the director of the DGAPP, announced at the opening ceremony held at the El Higüero airport that the airline Air Century, in partnership with the business REP-AIR, will begin operating the new route after winning the contract through a bid process conducted in accordance with the Pro-Pedernales Trust’s instructions. Beginning on November 15, single trips with a starting price of $50 one way and a duration of 35 minutes will be promoted. The inaugural flight will take place on November 1. “There will no longer be a six-hour drive to Pedernales,” Freund said.

The official anticipated that these domestic flights to Cabo Rojo will boost domestic tourism and draw investment to Pedernales, which is getting ready for Dominicans and visitors from other countries to enjoy the province’s natural wonders.

Guarocuya de Barahona hotel will house Infotep’s tourism academy

The old Guarocuya hotel in Barahona, where a hotel and tourism school will run in order to train the technicians that Pedernales will need for its tourism development, will be under the management of the National Institute for Professional Technical Training (Infotep). During his weekend visit to Barahona, President Luis Abinader will hand over the hotel to the Infotep authorities and launch several other projects.

The information was provided by Rafael Santos Bada, executive director of the training facility, who explained that the location will soon be transformed into a modern school that will be a part of a tourist route being established from Santo Domingo to Pedernales as part of the development of this tourist pole. The hotel will continue to run concurrently with the school, and Infotep will be in charge of the classroom.

The official stated that the Guarocuya hotel’s amenities have been destroyed and that a sizable investment—the precise sum of which he omitted—will be needed to restore them. Since the hotel is a historical landmark and will undergo renovations, Santos Badia emphasized that the investment “would be much less” than what it means to the community as a whole.

Authorities monitor Caribbean Sea system that could become a tropical depression

Authorities from the National Hurricane Center of the United States and the National Meteorology Office (Onamet) are keeping an eye on a sizable area of low pressure over the southeast Caribbean Sea, which has a chance of developing into a tropical depression this weekend or early next week. The National Hurricane Center reports in its newsletter this Friday that “a broad area of low pressure over the southeastern Caribbean Sea is producing a large area of disorganized showers and thunderstorms extending west-northwestward from the Windward Islands for several hundred miles.”

As the disturbance moves slowly westward or toward the north, it is predicted that the environment will be favorable for gradual development over the next few days, and a tropical depression is likely to form this weekend or at the start of next week over the central Caribbean Sea in the west-northwest. It suggests that through this weekend, heavy rain is possible in some areas of the Lesser Antilles, the Virgin Islands, and Puerto Rico regardless of development.

“Chance of formation in 48 hours… low… 20% and probability of formation in 5 days… high… 70%,” according to the National Hurricane Center. “The low pressure area is expected to form over the eastern Caribbean Sea this weekend, possibly related to the southern part of an existing low pressure trough over the area,” the Onamet adds in its bulletin this Friday.

Dominican Republic has excellent loan ratings with the IDB

The Inter-American Development Bank (IDB), which is the nation’s main source of multilateral financing, is at ease thanks to the Dominican Republic’s sound debt management and high and steady economic growth. IDB representatives Katharina Falkner Olmedo and Gilles Damais took part in the special interview of El Caribe and CDN and discussed the nation’s record of economic growth as well as the outlook for the upcoming year to highlight the positive aspects of the state. 

Falkner Olmedo responded to a question about the country’s level of debt, that the sustainability of the debt is not a nominal issue but rather a relative numerical one and that they are comforted by the fact that the country has grown by 12% last year, 5.5% thus far this year, and is expected to grow by a factor of two more than the region. The IDB would not lend to the country if the government had not been able to maintain a moderate growth rate in its public debt, which continues to be at completely acceptable levels, according to the chief of operations.

Furthermore, Damais emphasized that the international rating agencies did not downgrade the nation’s classification, indicating that they believe the macroeconomic management, including debt management, is excellent. Maintaining a manageable level of debt is crucial, in our opinion, and choosing the projects to invest in based on debt is crucial. He said, “There is no reason not to continue lending money if there are profitable projects and if the level of indebtedness is reasonable because what is invested now will generate benefits for the population that will allow you to repay the debt.”

DR’s economy is driven by tourism, according to Bank of America

The multinational investment bank, Bank of America, highlighted that the Dominican economy has maintained a favorable performance, mainly due to the dynamism of tourism. The financial entity asserts that the dynamism of tourism, which is expected to bring in more than 7 million non-resident visitors in 2022, has helped the DR’s economy maintain strong growth while offsetting the negative effects of rising global raw material prices. In that regard, they suggest that even in the event of a potential recession in the United States during the following year (2023), the Dominican economy would continue to grow among the fastest in the region.

They clarify that due to the strength of its macroeconomic fundamentals as well as its political and social stability, international analysts and investors continue to view the Dominican Republic as a desirable location for investment. The aforementioned details were provided as part of the recent annual meetings of the World Bank and the International Monetary Fund in Washington.

The financial institution notes that the projections for the world economy continue to deteriorate, associated with lower growth and rising geopolitical tensions, in its report on the prospects for emerging economies, prepared after holding approximately one hundred meetings with the technical teams of the different countries.

In a similar vein, investors and the Bank of America team praised the economic policies that have been put in place and helped to control inflation while maintaining potential growth during their meeting with the Central Bank delegation.

Zemi Hotels, the newest Miches tourist destination created by Frank Elias Rainieri

The Puntacana Group’s CEO, Frank Elias Rainieri, unveiled his upcoming project in Miches, which he has dubbed Zemi Hotels, and has already generated a lot of excitement. The businessman provided information via his official Twitter account, which he published alongside the images gathered in this digital archive.

According to Elias Rainieri, the hotel will have 500 rooms, entail an investment of about $150 million, and be open for business in November 2023. The entrepreneur is committed to creating a new brand and a lodging facility in Miches because he wants to provide an alluring lodging option in the aforementioned location. Since they won’t be identical to any of the business-hotel group’s existing projects, the hotel’s name and amenities are entirely unique. Elias Rainieri claimed at the time that Miches is the coastal region that will enable the nation to reach 60–70,000 hotel rooms.

“We were natural Miches advocates from the start.” We always support everything because of this. There is only one coast between Miches and Juanillo, and we need to develop it because it is the only one that will support the expansion of the East sector, he continued.