Headlines:
| Gov’t receives Hurricane Dean assistance from the EC |
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| Wednesday, 26 March 2008 | |
The
government received 7.5 million Euros from the European Commission (EC) on Wednesday
for Hurricane Dean Rehabilitation efforts just ahead of the reading of the
2007/2008 Budget. The funds, which convert into almost JA$790 million, are expected to be in government coffers in time for the reading of the budget on April 10th. At the signing over ceremony on Wednesday morning, Prime Minister Bruce Golding said the funds will assist the government in achieving its fiscal deficit target of 5.5 per cent. "The handing over of these funds are timely because it means these funds can be booked into our fiscal receipts for this year and will no doubt assist Mr. Audley Shaw [Finance Minister] in achieving the critical fiscal deficit target of 5 and a half per cent for 07/08 and would at least set him out on a good start to achieve the target of four and a half per cent for 08/09," said Mr. Golding. The EC said the main objective of the funding is to minimise the effect of the hurricane on the government's ability to pursue its fiscal targets. The funds are to be released as general budgetary support in one single fixed tranche. |