{"id":2522,"date":"2019-02-05T15:10:44","date_gmt":"2019-02-05T15:10:44","guid":{"rendered":"https:\/\/annsvg.com\/?p=2522"},"modified":"2019-02-05T15:10:44","modified_gmt":"2019-02-05T15:10:44","slug":"contingency-fund-generates-millions","status":"publish","type":"post","link":"https:\/\/annsvg.com\/index.php\/2019\/02\/05\/contingency-fund-generates-millions\/","title":{"rendered":"Contingency Fund generates millions"},"content":{"rendered":"

The contingency fund, set up by government in 2017 in order to provide a source of revenue to respond to issues relating to climate change as of December 2018 has realized EC$12.6 million.
\nAnd the fund is expected to receive an additional EC$12.5 million in 2019.
\n\u201cWhile this number remains small in the face of the multi-billion potential of a major natural disaster, it is nonetheless significant,\u201d Minister of Finance Camillo Gonsalves, in delivering the 2019 Budget presentation yesterday (Monday).<\/p>\n

\u201cIf we are blessed with continued good fortune, in the near term, the Contingency Fund will be a reliable, home grown cushion against natural disasters,\u201d he continued.<\/p>\n

According to Gonsalves, the Fund also stands as an important signal to the international community that St Vincent and the Grenadines is committed to playing a role in disaster preparation and recovery.<\/p>\n

The Fund was established in 2017 with an additional 1 percent levy on the Value Added Tax and within the first eight months following its implementation, it generated EC$6.75 million.<\/p>\n

One year later, it was announced in the 2018 Budget presentation that an EC$8.00 Climate Resilience Levy was being introduced on all stay-over visitors in hotels, apartments and short-term rentals and in the months following its implementation generated EC$1.7 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The contingency fund, set up by government in 2017 in order to provide a source of revenue to respond to issues relating to climate change as of December 2018 has realized EC$12.6 million. And the fund is expected to receive an additional EC$12.5 million in 2019. \u201cWhile this number remains small in the face of<\/p>\n","protected":false},"author":8,"featured_media":1345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[5,2],"tags":[],"class_list":["post-2522","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news","category-news"],"yoast_head":"\nContingency Fund generates millions - Asberth News Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/annsvg.com\/index.php\/2019\/02\/05\/contingency-fund-generates-millions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contingency Fund generates millions - Asberth News Network\" \/>\n<meta property=\"og:description\" content=\"The contingency fund, set up by government in 2017 in order to provide a source of revenue to respond to issues relating to climate change as of December 2018 has realized EC$12.6 million. 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