Former Housing Minister calls out gov’t… Transfer all resources in private banks to Consolidated Fund, as promised

FORMER Minister of Housing Irfaan Ali Thursday said the People’s Progressive Party/Civic (PPP/C) Government has always held the view that resources held in private commercial banks by the State was legal and not a contravention of any Act or guidelines. Speaking at a Freedom House press conference, Robb Street, Ali, who also held responsibility for the Ministry of Tourism, Industry and Commerce, said the figure in question, which is held by various agencies in private commercial banks, is some $20B.

For instance, he said the Central Housing and Planning Authority (CH&PA) has more than $8B held in these banks. In this case, he noted the Act empowered the previous Administration to invest resources and also provided guidelines on how the resources were to be managed.

Ali said the current Minister of Finance was director of budget and advisor on budget issues. “As a technician, he would have worked in the system when these accounts were established and held. So I think that his advice at that time would have been interesting for the Government.”

The present Administration has consistently said that this practice is illegal and should be corrected. “They had said in the campaign and in the last parliament that they would return all those resources into the Consolidated Fund. I want to take this opportunity to urge the government to do this as they would have promised. They said it was held there for corrupt practices, for thieving. Now that they have access to the resources and are in a position to implement what they promised, I wish to urge the Government to immediately implement this decision of theirs to transfer all resources into the Consolidated Fund.
“The Minister of Finance said they are re-examining some of their 100 days promises because of availability of resources. By transferring this money, they will have the more than $20B available to them to fulfil their promises, such as increases in salaries and so on.” (Telesha Ramnarine)

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