TCI Premier Announces $15 Million Cost of Living money for Citizens in time for Christmas  

Deandrea Hamilton

Editor

Turks and Caicos, November 6, 2024 – Residents of the Turks and Caicos on Tuesday November 5, learned that the Washington Misick administration had approved a new $15 million dollars stimulus payout to citizens, aimed at cushioning the impact of the high cost of living in the islands.

The “cost neutral” supplementary estimate was announced by the Minister of Finance, Investment and Trade in a re-organization of $18.8 million; funds that had already been budgeted for national spending within the 2024-2025 fiscal period.

“It does not require additional funding beyond our existing fiscal resources.  It reflects the targeted reallocation of approximately $18.8 million to address urgent development priorities and the ongoing socio-economic challenges faced by our people.  Through this proposal Mr. Speaker, we reaffirm our commitment to a balanced, prudent, fiscal approach while ensuring that we meet the changing need of our communities,” said Washington Misick, the Minister for Finance during a House of Assembly meeting.

Despite this extraordinary allocation, Misick informed the House that the expenditure envelope for the current fiscal year will remain unchanged at $515.2 million.

“Mr. Speaker, the good book of Proverbs tells us ‘do not withhold good from those for whom it is due when it is within your power to do it.’  And so Mr. Speaker these Supplementary Estimates contain a $15 million Cost of Living relief package; a direct support measure for our people.”

Turks and Caicos and British Overseas Territories’ Citizens will be the beneficiaries of $1,000 each.

“I’m calling a Cost of Living Relief Package because we know the cost of living over the summer has been brutal,” he continued with who qualifies for the financial help, “Each Turks and Caicos Islander and BOTC citizen will receive, before Christmas, a one-time draft of a thousand dollars.”

The announcement has been met with mixed reactions.

On social media, residents expressed that any offset to inflationary conditions should have been a more long-term solution; others said the money is appreciated but simply not enough to help with high cost of groceries and bills; House members vocalized their support by rapping vigorously on the desks in the Assembly and others have expressing their suspicions about the timing of the “stimulus” with a general election looming early next year.

The remaining re-allocated funds are earmarked to support community safety and security to the tune of $1.5 million; $1.7 million is assigned to the Department of Corrections to address capacity challenges at the prison and unemployment benefits through the National Insurance Board will be extended to eight weeks.