Thu | Sep 21, 2017

Shaw seeks to explain Holness' comments about NHT being a financial institution

Published:Monday | March 13, 2017 | 3:09 PM
Finance Minister Audley Shaw speaks during a post-Budget Press Conference, at the Ministry of Finance this morning. - Patrick Planter Photo

Finance Minister Audley Shaw has sought to explain the declaration by Prime Minister Andrew Holness that the National Housing Trust (NHT) is a financial institution and not a housing agency.

Prime Minister Holness made the declaration as he sought to defend his government's decision to take more than $11 billion from the agency to fund the administration's personal income tax relief election promise, a move he criticised while in opposition.

Speaking at a post-budget press conference this morning, Shaw said the Prime Minister was simply pointing out that the NHT commands vast resources and therefore needs to be re-scoped to operate in a more traditionally prudent manner.

For example, Shaw said thought is being given to whether some of these resources can be used as security for loans for special projects.

 

Finance Minister, Audley Shaw.