#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”.