MAY 26TH, 2018 – JUNE 2ND, 2018
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VOLUME 14 - NO. 21
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ECONOMY REBOUNDING T
By Todeline Defralien
he Turks and Caicos Islands economy is rebounding strongly, after suffering four months of decline following back-to-back devastating hurricanes Irma and Maria in September 2017. The positive assessment was given by Premier and Minister of Finance, Hon. Sharlene Robinson who predicted that the economy is in track for further, steady growth. The Premier’s forecast is in line with that of one of the Caribbean’s top economists, Dr. Justin Ram, Director of Economics at the Caribbean Development Bank (CDB), who said earlier this year that The Turks and Caicos Islands economy recorded the second best performance in the Caribbean region in 2017 (far better than larger Caribbean economies such as The Bahamas, Barbados, Cayman Islands, Jamaica, Antigua, St. Lucia, Guyana, Belize, British Virgin Islands, Trinidad and Tobago, St. Kitts, St. Vincent and Suriname) and is expected to have “strong growth” in 2018. In an exclusive interview with The SUN, Premier Robinson reported that the country’s economic and financial position was so bleak after the hurricanes because Government was earning considerably less than the $19million which is required to run the Turks and Caicos Islands each month. This situation, she said, called for some careful and prudent management. “In September we only took in about $5 million when it cost about $19.5 million a month... you then have to wait and say, ok now resorts are fully open, let’s see if the tourists are coming back, because that is our main revenue earner. We did quite a bit in terms of exemptions for customs; we needed to see how Central Provident Fund
Caribbean Federation of Police Welfare Association 7th AGM in TCI
T
he Caribbean Federation of Police Welfare Associations (CFPWA) hosted their Seventh (7th) Annual General Meeting in the Turks and Caicos Islands from Tuesday May 22nd – May 24th. In its first time taking place in the TCI, the Opening ceremony was held at the Vix Conference Room, Regent Village on Tuesday
(CPF) is performing which is another revenue earner and how import duties are performing. We have to look again at all of the revenue streams because your budget is then based on your projected revenue. So if your revenue for four months between September and December is trending miserably lower than what you even need to run your country, then you have to really wait and see if our open for business message is working,” she explained to The SUN. She added: “Government is projection, and until you start seeing exactly where you are picking back up or where you’re not picking back up, there will be an exercise in futility. It took us several months to see exactly how we would be trending. It was a wait
May 22nd with over 30 delegates in attendance from all member countries. This year’s conference is held under the theme “Fusing Ideas to Promote Standards and Unity in Regional Law Enforcement”. From L-R: Assistant Commissioner Rodney Adams, Attorney General, Rhondalee Braithwaite- Knowles, Acting Governor Mrs. and see game more than anything else.” She continued: “We never started picking back up until January and as a matter a fact, remember Beaches would have only opened middle December (2017) and thank God in a few days they were back up in full occupancy. I will pick on Beaches because people need to understand the impact which that has because when they (Beaches) would have closed, the airlift was affected. So it’s not only what they are paying directly into the Treasury for taxes, you also have the airlift affected and other resorts not getting the numbers and you also have head tax and departure tax.” “You would hear people say that we end the end of the year with a surplus but what does that means.
Anya Williams, Commissioner of Police Mr. James Smith, Sabrina Green, President of the Caribbean Welfare Association, Mr. Brenton Smith, Bishop Coleta Williams III, Keynote Speaker Mr. Clement Joseph Senior Crown Counsel and Assistant Commissioner of Police Wayne Jones. See page-5 Because we were trending woefully low, we actually had to stop the level of spending that we would normally do. We cut our capital program in half because we couldn’t pay for the projects, and then of course it shifted and we then reduced expenditure. That’s what the supplementary was about; to make sure that we pull back on what we are spending. If you’re not doing all the things that you’re supposed to be doing and you pull back on spending and you have revenues coming in, it looks like a surplus because you’re not doing much.” Robinson further expressed that the TCI was blessed and fortunate that many tourists started returning in large numbers, with hotels and villas recording strong bookings. Continued on page 2
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