Dominican Republic President Leonel Fernandez took office on Monday, vowing to take austerity measures to pull the Caribbean nation out of its worst economic crisis in history, according to reports from the country's capital, Santo Domingo.

In his inaugural address before Congress, Fernandez said his government would cut state spending by 20 percent and seek to lighten the country's foreign debt, which, according to him, increased from 3 billion to 7 billion US dollars under the previous government.

Fernandez, who ruled the country from 1996 to 2000, trounced outgoing president Hipolito Mejia in May elections by garnering more than 57 percent of the votes. He predicted his four-year termwill not be easy, describing it as "walking in a mine field", or "sitting on a burning stove."

The new leader also urged Congress to increase taxes by 10 to 20 percent on tobacco and telecommunications, and pledged to implement the free trade pact signed by the previous government with the United states, despite protest by local farmers.

Fernandez said poverty will be on the top of the agenda of the new government and will also become one of the main topics on Tuesday's summit to be held in the Dominican Republic and attended by leaders from some Latin American countries.

The inauguration was attended by more than 10 foreign leaders, including Brazilian President Luiz Inacio Lula da Silva and Colombian President Alvaro Uribe.

Born on Dec. 26, 1953 in the capital Santo Domingo, Fernandez studied in the United States after his family moved there in 1962.The former professor holds a law degree.

Source: Xinhua