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Gov't dips into Capital Development Fund
2012-10-30 16:19:12 | (0 Comments)
Daraine Luton, Senior Staff Reporter
The Government is to take $1.8 billion from the Capital Development Fund, $1.4 billion of which is to be used for budgetary support.
Dr Peter Phillips, the finance and planning minister, laid a withdrawal order in the House of Representatives today, indicating his intent to draw down on the funds, which are proceeds from the bauxite levy.
The order indicates that the Jamaica Bauxite Institute is to receive $154 million from the withdrawal to support its programmes.
Another $130 million is to be spent on the implementation of special projects in bauxite communities under the Bauxite Community Development Programme.
The remaining $145.7 million is to be given to the Ministry of Transport, Works and Housing to meet commitments arising from the privitization process of the Jamaica Railway Corporation.
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Source: The Gleaner/Power 106 News
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