House Approves Withdrawal of $1.6 Billion from CDF


The House of Representatives, yesterday (February 26), approved the withdrawal of $1.6 billion from the Capital Development Fund (CDF) to be paid into the Consolidated Fund, to provide budgetary support for the 2007/08 financial year.
Prime Minister Bruce Golding, who moved the Resolution, said the revenue estimates for 2007/08, which were approved by the House, made provision for transfers from the CDF amounting to $4.2682 billion.
In November of last year, the House approved the withdrawal of $2.968 billion from the CDF to be paid into the Consolidated Fund for the financial year 2007/08.
The CDF was established under the Bauxite Production and Levy Act. It was promulgated in 1974 at the time when the bauxite production levy was imposed, and the proceeds of the levy directed to the CDF.
Mr. Golding said his administration would honour a commitment to use the funds for capital development, principally for development in those communities affected by bauxite mining. “That commitment remains our commitment,” the Prime Minister emphasised.
Meanwhile, Mr. Golding said the CDF might need to be reviewed to determine whether any changes need to be made to its management, or the way in which funds are allocated.

JIS Social