PRIME MINISTER P.J. Patterson has outlined a six-point procedure through which $5 billion, to be transferred from the National Housing Trust (NHT), would be implemented to finance the transformation of the education sector.
The Prime Minister outlined the measures in the House of Representatives on Tuesday, while seeking to make amendments to the NHT Act to transfer the funds.
Among the steps noted to ensure transparency, was the establishment of a subsidiary consolidation account, to be put in place by the Accountant-General, which would receive the funds from the NHT.
Mr. Patterson said that, upon receipt of the funds, the Accountant-General would lodge the funds to the account.
The Prime Minister said that in order to facilitate expenditure under the education transfor-mation project, the Ministry of Finance and Planning would issue warrants on a needs basis.
"On receipt of each warrant, the Accountant-General will withdraw the funds from the subsidiary consolidated account funds for lodgement to the main consolidated fund account from which the funds will be transferred to the Ministry of Education's expenditure clearing account," the Prime Minister said.
Mr. Patterson said the Education Ministry would be required to open a separate bank account for the education transformation project so that strict accountability could be maintained.
