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Thursday, 28 February 2008
Approval has been granted for $1.6 billion to be withdrawn from the Capital Development Fund (CDF).
The money is to provide budgetary support for the 2007/2008 Financial Year.
Prime Minister Bruce Golding who moved the resolution in Parliament on Tuesday says the current Budget has provision for more than $4 billion to be transferred from the CDF.
Last November, the House approved the withdrawal of $2.9 billion.
The Capital Development Fund was established under the Bauxite Production and Levy Act.
It is financed by the levy collected from the bauxite industry.
Approval has been granted for $1.6 billion to be withdrawn from the Capital Development Fund (CDF).
The money is to provide budgetary support for the 2007/2008 Financial Year.
Prime Minister Bruce Golding who moved the resolution in Parliament on Tuesday says the current Budget has provision for more than $4 billion to be transferred from the CDF.
Last November, the House approved the withdrawal of $2.9 billion.
The Capital Development Fund was established under the Bauxite Production and Levy Act.
It is financed by the levy collected from the bauxite industry.