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TCI: Premier: Budget Supplementary & $14.5 Million Stimulus Passed in HOA

#TurksandCaicos, March 25, 2021 – The Premier and Minister for Finance, Investment and Trade, Honourable Charles Washington Misick laid the Supplementary Appropriation (2020/2021) (No.3) Bill 2021 in the House of Assembly of the Turks and Caicos Islands on Monday, 22 March 2021.

The Bill which is the third (3rd) Supplementary Appropriation Estimates for the financial year 2020-21 progressed to passage on Monday to provide additional funding for the Turks and Caicos Islands Government in the summation of $14.5million USD. Funds were relocated under this Bill, in the amount of $6.7m from Government savings to the recurrent expenditure to facilitate the payment of the citizens’ economic stimulus. $3.0million USD in funding was also shifted from the Contingency Fund for the purpose of the Citizens’ Relief economic stimulus. The cash grants for citizens and MSMEs affected by the COVID-19 pandemic, have increased by 37.5 per cent to the amount of $27.9million USD.

The retirement benefits allocation has increased by $1.8m, primarily to settle outstanding payments of gratuity and pension to former legislators. Therefore, the recurrent expenditure has increased to $273.6m and the capital expenditure reduced to $27.5m. The revised expenditure is $307.4m, an overall reduction in expenditure of $1.0m.

“My Government has made the calculated decision to cancel a number of capital projects which were stagnated, for the purpose of an in-depth review of project costs and environmental impact; and the funds were subsequently reallocated. Additional funding has been allocated to complete ongoing projects that experienced delays due to further deterioration of the structures and additional costs resulting from TCIG having to enact the Force Majeure Clause in the civil works contracts because of the COVID-19 pandemic lockdown. Also, additional resources have been assigned to advance projects currently in the evaluation stage,” explained the Premier and Minister for Finance on the approved Supplementary Appropriation.

Premier Misick further added, “A major focus of my Government is to take care of our people during these difficult times by keeping the population healthy and safe while strategically rebuilding a sustainable economy.

The $11million USD allocated solely to the Citizen Relief economic stimulus will provide the much-needed financial assistance for Turks and Caicos Islanders who through the COVID-19 pandemic have been forced into debt due to temporary unemployment or termination of employment. The Ministry of Finance has sensibly reallocated funds to progress critical projects and to provide additional funding in the areas that will greatly improve and impact the lives of the people of these islands”.

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