Headlines:
| Tougher times ahead for bauxite dependent communities – Peart |
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| Wednesday, 01 July 2009 | |
 The Parliamentary
Opposition is warning residents of bauxite communities to brace for tougher
times following Tuesday's admission by the Government that the Capital
Development Fund (CDF) has been depleted.Finance Minister Audley Shaw told Parliamentarians Tuesday that the Fund, which contained more than $2 billion three years ago, had a balance of $6.8 million at the end of May. He was responding to questions from Member of Parliament for South Manchester Michael Peart who was seeking answers from the Government as to what will be done in the short term to assist communities which were dependent on bauxite. Mr. Peart said the CDF, which was designed to establish a pool of funds in the event of a crisis in the bauxite sector, has been used primarily for budgetary support. In a subsequent interview with RJR News, Mr. Peart said in light of the cash flow problems facing the Government communities which depended on bauxite should expect the worse. "My concern is that the Government has used the funds to fun the current account of the budget and has no plans to assist the communities that are affected by the fallout in the bauxite sector," he said. |