• JIS News

    The House of Representatives on Tuesday (March 21) approved the withdrawal of $496.6 million from the Capital Development Fund (CDF) to be paid into the Consolidated Fund, to supplement the 2005/06 budget.
    Piloting the resolution, Finance and Planning Minister, Dr. Omar Davies, noted that the revenue estimates for this fiscal year made provision for $2.996 billion to be transferred from the CDF to the consolidated fund and the request for $496.6 million represented the remainder of the amount provided for in the Estimates. The cash balance in the CDF as of the end of February was $515 million.
    “The amount to be withdrawn represents the second withdrawal to be made from the CDF for the calendar year. The previous withdrawal of $2.5 billion was used to provide budgetary support and for the funding of the bauxite development programmes,” Dr. Davies explained.
    Meanwhile, Opposition spokesman on finance, Audley Shaw, expressed concern about the status of the bauxite development programme in mining communities. He further stressed that the timely reclamation of mined-out lands had to be more firmly enforced, as companies were leaving lands unreclaimed for periods longer than the stipulated three months.
    Responding, Dr. Davies said the concern about the bauxite communities was duly noted, and informed that the Minister of Land and Environment, Dean Peart, would be meeting with the various members of parliament, who represented bauxite communities, to address such concerns.