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PROVIDENCIALES, Turks and Caicos Islands; Thursday, December 11th 2008 - "My Fellow Turks and Caicos Islanders, as your Chief Servant I will continue to keep you updated on the current economic threats and challenges facing our country, and apprise you of Government's policy responses.
Last month, we held a series of town-hall meetings to give you status reports and articulate our polices but most importantly to hear from you about your concerns with regards to the critical issues facing our nation. My Government's continued dialogue with you will not stop.
The global economic crisis continues to impact many countries around the world and our country is no exception.
The economic situation is very dynamic, requiring constant monitoring and responses, based on sound judgment and not politics. Rest assured that your Government continues to adapt and make the necessary changes and steps to respond to the ongoing deteriorating economic situation.
My fellow Citizens and Residents: Since my last National address, the global economy has experienced further downturn, as the international financial crisis has resulted in contraction in economic activity worldwide.
This current global economic slowdown would no doubt have negative consequences for the economy of the Turks and Caicos Islands, through its impact on slowing visitor arrivals and declines in inflows of foreign direct investment and remittances.
However, the Government continues to be proactive and is carrying out its responsibility to implement appropriate policies to stimulate economic activity. We are being vigilant in monitoring the economic situation of this country, whilst exercising prudent management of the Government's finances, during this period of significant revenue shortfalls.
A number of revenue enhancement measures have been approved to ensure a sustainable budget outcome for the financial year and the Government has also implemented several expenditure containment strategies.Another major impact on the Government's fiscal position has been Tropical Storm Hanna and Hurricane Ike.
A comprehensive Hurricane Recovery Plan has been introduced, taking into account the ECLAC Report and Recovery Framework Plan. The detailed plan sees a reconciliation of ongoing activities and programs funded from various sources and a focus on local capital program to give priority to disaster related expenditure.
Our economic stimulus package is very detailed and time does not permit me to outline all of the measures now but what I can tell you is that stamp duty on real estate transactions will be reduced to 6% on Providenciales and 3% on all the other islands until the end of March 2009. All persons holding a lease or offer letter or persons receiving an offer letter up until the end of March will have the option of taking up freehold title without any conditions and there will be a further 25% discount on the already discounted offer. Cargo dues will be reduced from 9.00 per ton to 6.00 per ton.
Ladies and Gentlemen, another issue that I wish to address at this time is the situation of the cost of electricity. This Government, concerned about the unbearable impact of the rising cost of electricity, continues its dialogue with Provo Power Company (PPC). We have discussed options that can be offered to residents to assist them as they cope with the current economic climate.
PPC has advised Ministers that the fuel factor has dropped over thirty percent since September and thus customers should have seen reduction in their electricity bills for November and December.One of the initiatives discussed was to work with residential customers, in particular those who were recently disconnected, on a payment plan so their service can be reconnected. Customers whose service has been recently disconnected should contact PPC to discuss such a payment plan.
Ministers and PPC agreed that they would meet on a regular basis, as PPC re-assured the Government that they are promptly passing on the savings from the recent reduction in fuel prices to customers and that there should be further significant reductions in bills in the New Year. My Government will continue to monitor PPC to ensure that his happens.
Finally, as we prepare to go into the festive Christmas season, let our preparations be modest and our spending prudential. Let the fortunate reach out to the unfortunate, and let us all come together with our individual and collective ambitions to weather the storm ahead of us.
As the year comes to a close, I thank God for you, the people of this great country. I thank God for the efforts of all of our public servants and members of the private sector who work tirelessly in the development of this land we call home.
I always ask for your prayers for God's continued guidance for my Government in the upcoming New Year. May God bless you and your loved ones with health, happiness, peace and security, and may God continue to bless our beloved nation.
Thank you."
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