Latest News

House approves $223-m withdrawal from CDF

Thursday, November 15, 2018

Print this page Email A Friend!


KINGSTON, Jamaica — The House of Representatives has approved the withdrawal of $223 million from the Capital Development Fund (CDF) to provide budgetary support to the Jamaica Bauxite Institute (JBI) for the 2018/19 financial year.

Minister of Finance and the Public Service, Dr Nigel Clarke, who moved the Withdrawal Order during the sitting of the House of Representatives on Tuesday (November 13), said this amount represents 87 per cent of the total required by the JBI for operating expenses and capital expenditure for the fiscal year.

“The remaining funding needs are met through interest income, management fees, and technical services offered by the institute to bauxite companies. We're committed to only withdrawing from the Capital Development Fund, in line with the Bauxite Production Levy Act,” Dr Clarke said.

The finance and the public service minister informed the Lower House that over the last five years, the JBI has received some $976.76 million in budgetary support from the CDF.

The fund 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.

The JBI was established by the Government in 1975 as a regulatory, planning and development agency to manage the sovereign aspects of the Government's participation in the bauxite/alumina industry. The JBI is funded by levies from the bauxite industry.

ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT