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Jamaica: $57b NHT Rescue – Gov’t Clawing $11.4b Annually Over Five Years To Cushion COVID Collapse

The Andrew Holness administration will be seeking $57 billion over the next five years from the National Housing Trust (NHT) to help cushion the economic fallout from the coronavirus pandemic.

That proposal will be among three critical pieces of legislation to institutionalise transparency in Jamaica’s fiscal affairs that Finance Minister Dr Nigel Clarke is expected to table in the House of Representatives this afternoon.

A four-year drawdown of $11.4 billion annually from the NHT that was approved by Parliament in 2017 to support tax reform and debt payments expires at the end of this fiscal year on March 31, 2021.

However, COVID-19 has been wreaking havoc with the nation’s treasury given the forecast for a 10 per cent contraction in the economy and a projected $84-billion loss in revenues for the 12-month period to March next year.

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