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Finance Minister misdirected management of consolidated fund – Greenidge responds Minister of Finance, Dr Ashni Singh, may have been misdirected as it regards the nature and operations of the Consolidated Fund consequentially breaching the Constitution and the Fiscal Management and Accountability Act.Former Finance Minister, Carl GreenidgeThis view was expressed in an affidavit filed by Attorney-at-Law Roysdale Forde,China Jerseys, who is representing  former Finance Minister, Carl Greenidge,nfl jerseys authentic cheap, in the  court action, which seeks to block Government from making any disbursement from the recently acquired US$32.16M Inter-American Development Bank Loan.Given concerns over misuse of the sums, Greenidge, filed the action a few weeks ago in a bid to prevent the government from spending the monies.Greenidge had requested that the proceeds from the loan agreement be paid into the Consolidated Fund and an order be granted blocking the government from making any withdrawal until the hearing and determination of the case.   The temporary order was subsequently granted by Chief Justice Ian Chang.But, Attorney General,Isaiah Thomas Jersey, Anil Nandlall, who is also named as a defendant in the case, had argued essentially that disbursements once paid into the Consolidated Fund, form part of a general indistinguishable pool of resources.Nandlall had said that given Government ‘s view on the matter, any  one  month of funds  are  withdrawn  and  spent from the Consolidated Fund to meet the operations of Government,  without  any  identification  being  made  of the  original source of those funds.However, Greenidge’s attorney challenged this notion when the matter came up for hearing before the court,Cheap NFL Jerseys 2017, last Wednesday.In an affidavit in response, the attorney noted while the Constitution speaks of a single Fund, thatFinance Minister,Ashni SinghFund is made up of subparts including the Contingencies Fund, Extra-Budgetary Fund, drawn monies, money in several bank accounts and money in a Deposit Account.The court document outlined that  while  Section   61   of   the  Fiscal  Management  and  Accountability  Act  requires  that  the  proceeds  of  the  Loans  be  deposited  into  the  Consolidated Fund,  Section 3.02, applies to special conditions prior to all the disbursements  of  the Loan Agreement, between the Government   of  Guyana   and   the   I.D.B.According to the document, under the aforementioned circumstances, the disbursement of financing will be subject to conditions stipulated in Articles 4:01 and 4:03 of the general conditions for compliance by the borrower.One such condition is that, the borrower maintains open the special bank account which the bank shall only initiate the disbursement of the resources after the borrower has complied,Cheap Jerseys From China, with its satisfaction.The written response further outlined that Section 5.01, Records, Inspections and Reports of the SPECIAL CONDITIONS, stipulates that  “resources of the Financing will be deposited in the special account or accounts exclusively designated for the Program.“The Borrower agrees to maintain separate accounting records, and an adequate internal control system, in accordance with Article 6.01 of the General Conditions…The Borrower or the Executing Agency, as the case may be, shall maintain appropriate systems of internal accounting and administrative controls.The accounting system  shall  be  organized  so  as  to  provide the necessary documentation to permit the verification of transactions  and  facilitate the timely preparation of financial  statements  and  reports.”Given the  fundamental misunderstanding  of  the  provisions  of  the  Loan  Agreement,  the document stated the applicant fears  that  the  public  purse  would  be  irreparably  harmed  if  the Conservatory  Order  and  the  Order  sought  in  the  Endorsement of  Claim are  not  granted.Owing to the submissions,Authentic Jerseys Cheap, the defendants have asked for time to respond. The matter will continue before the Chief Justice on May 8.