$57 Billion from NHT to Help Cushion Blow from COVID-19

$57 Billion from NHT – Three pieces of legislation to help shape the fiscal path that will strengthen economic recovery were presented in the House of Representatives on Tuesday, December 1 by the Finance Minister, Dr. Nigel Clarke. Among them, the National Housing Trust (NHT) (Amendment) Act, 2020, under which the NHT contributes 11.4 billion dollars annually to the Government of Jamaica.

This is set to expire on March 31, 2021, however, given the economic downturn caused by the COVID-19 pandemic, the Finance Minister has proposed that the contribution will continue for another 5 years, amounting to 57 billion.  

In light of the economic fallout from the COVID-19 pandemic, the Government of Jamaica is actively putting in place the framework for recovery. That’s according to the Minister of Finance and the Public Service, Dr. Nigel Clarke.

In Tuesday’s sitting of parliament, he presented three bills meant to be passed together to aid in the economic recovery process: the Independent Fiscal Commission Act, 2020, Financial Administration and Audit (Amendment) Act, 2020 and the National Housing Trust (Amendment) Act, 2020.

Dr. Clarke says the NHT amendment bill presented on Tuesday, proposes to continue and extend the annual contribution of 11.4 billion dollars across the period of economic recovery.

However, he noted that understandably, there could be concerns that this may hinder many NHT contributors from purchasing a home. 

Aladden love reports: