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Gov't may be forced to borrow to plug budget gap left by Beryl, says Golding

Opposition Leader Mark Golding
By Clinton McGregor    
 
Opposition Leader Mark Golding says the Andrew Holness administration may be forced to borrow from the Inter-American Development Bank to fund the budget gap caused by the passage of Huricane Beryl.
 
The government had set aside $4.5 billion in a contingency fund and also secured a draw down of $2.5 billion from the Caribbean Catastrophe Risk Insurance Facility to deal with the relief and restoration programme.
 
But speaking Thursday in New Kingston, Mr. Golding said the government will need to find more money, due to the devastation caused by the hurricane. 
 
With the Prime Minister already announcing that the preliminary cost of damage to roads alone is about $10 billion, and the cost of repairs for housing, damaged schools and other infrastucture not yet tallied, the Opposition Leader argued that the $7 billion available to the government without borrowing will not be enough. 
 
He also called for more urgency in the relief and restoration efforts.


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