This is according to Premier and Minister of Finance Honourable Andrew A. Fahie (R1) who said it was Minister for Transportation, Works and Utilities Hon Kye M. Rymer (R5) who identified the need for the Transportation Fund to be reinstated.
The Leader of Government Business said the funds from that area, which is currently over one million dollars will now be used to finance road improvement projects in the territory.
“I am happy to report that we have reinstated that Fund and I do not have the total figure but I know, Mr Speaker, a few months ago it was at $1.3 million, which is going to go towards making sure we have a proper road network, and it will save us significant money because Government has already purchased its own asphalt plant.
“Now with that money coming into that Fund and it is being targeted directly into what the legislation says, we can now move to now not having to look for money to help with the roads but to have that Fund that is being properly funded according to legislation to start to improve our road and the infrastructure,” a pleased Premier Fahie said during the introduction of the Financing and Money Services (Amendment) Act 2021 at the Eighth Sitting of the Third Session of the Fourth House of Assembly on May 11, 2021.
He said, despite being mandated by law, the Fund was not being financed under the previous National Democratic Party (NDP) government and was only recently identified by Honourable Rymer after being in office for a year.
Premier Fahie said the funding comes from a percentage of fuel imported into the territory.
“It is in the legislation that money be placed in a special fund. Come to find out that after we finish with the first budget going into the second, there were zero dollars and zero cents inside of that Fund and there is a legislation that states clearly that that Fund must at all times see the deposits based on a calculation that is done based on the fuel that we import into this country…” Premier Fahie explained.