CDF DRAWDOWN OF $1.4 BILLION APPROVED

June 24, 2010

CDF DRAWDOWN OF $1.4 BILLION APPROVED

Parliament adopted Prime Minister Bruce Golding's resolution to transfer $1.4 billion from the Capital Development Fund (CDF) to the Consolidated Fund.  At the end of May, the CDF had a balance of $1.5698 billion, Mr. Golding said.

Mr. Golding reminded the House that the Government had tabled a drawdown of $2.129 billion from the CDF for the current fiscal year.

The standard resolution will allow funds from the CDF to be used to support the fiscal budget.

Revenue into the CDF is earned from a levy paid by bauxite companies