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No clear projection for NHT surplus after state raid

Published: Thursday February 21, 2013 | 1:23 pm with audio | Comments 0
NHT chairman Easton Douglas - file photo.
NHT chairman Easton Douglas - file photo.
National Housing Trust - File.
National Housing Trust - File.

Jerome Reynolds, Gleaner Writer

Despite agreeing to a $45 billion drawdown from its surplus over the next four years, the National Housing Trust (NHT), is yet to determine where it's reserve will stand at the end of the period.

The admission was made by chairman of the NHT, Easton Douglas as he responded to questions from journalists at this morning’s post cabinet press briefing at Jamaica House.

Asked what he expects the surplus to be at the end of the four years, Douglas responded by saying he did not have such details.

However, he said the Trust has projected that it will have a surplus of $22.9 billion at the end of this financial year, which ends on March 31.

The NHT chairman said the Trust arrived at that position based on the yearly intake by the fund.

For her part, NHT General Manager Cecile Watson, said only a cursory look has been taken at the books.

But she said an in depth analysis will be done shortly.

In the meantime, Watson disclosed that the NHT will also take a hit to its finances because of its participation in the National Debt Exchange.

While not being able to disclose the extent of the impact, she said the Trust is seeking to negotiate the best terms for the Fund.

The NHT General Manager pointed out that the Trust will be moderating its programmes to ensure that sufficient surplus is generated to balance the impact of the government’s $45 billion drawdown.

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NHT chairman Easton Douglas.
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