Thursday, June 05, 2008

Deputy premier addresses rising cost of food in Turks and Caicos

By Courtney S. Robinson
PROVIDENCIALES, Turks and Caicos Islands (TCI-GIS): At a recent press briefing, Deputy Premier and Minister of Finance and Economic Planning, Floyd Hall, addressed residents of the Turks and Caicos Islands (TCI) concerns with regard to the rising cost of living. Noting that, globally, there is disquiet with regard to the rising energy and food prices, which are inextricably linked, Hall said: "These are having effect in the TCI and we remain concerned about the rising cost of living here and the effect it is having on our people, especially the poor and vulnerable groups."
Deputy Premier and Minister for Finance Floyd Hall and PS for Finance, Delton Jones
Most recently, last week he and Permanent Secretary for Finance, Delton Jones, were in Halifax, Nova Scotia, attending the 38th Annual Meeting of Caribbean Development Bank Board of Governors (CDB). At that meeting, Caribbean heads of government, ministers of finance and development, governors of central banks, as well as representatives from international organizations and Canadian financial institutions were in attendance. The CDB is considered to be the leading catalyst for development resources into the Caribbean region, working in an efficient, responsive and collaborative manner with member countries and other development partners, towards the reduction of poverty in their countries through social and economic development. During this meeting, the issue of high food costs was discussed and it was noted that the region on a whole was looking at various programs to implement to target this situation. Hall said price controls was again tabled; however, the Chairman of the CDB declared that he does not support these types of measures, "simply because it does not yield the maximum benefit and it does not encourage competition." To this end, Hall said the TCI is "looking at various ways in addressing this, and one of the measures is that we eliminate import duties on certain food items." On looking at the tariff code that governs the importation of goods, he noted that many items currently have very low tariff codes assign to them or perhaps are simply duty free. Nevertheless, by working with the Customs Department to introduce these reductions as soon as possible, reduction will cover items such as pampers, baby food and cereals, canned fruits and vegetable, processed dairy products, juices, processed canned meats, canned tuna, sardines, bread and sugar. However, when this initiative is implemented, Hall says does not expect stores to drop prices on goods mentioned. Joining the Deputy Premier at the briefing was Delton Jones, who said that: "The most important thing is that by targeting and doing it the way the minister suggests, we know what it costs, and that's important; because if you reduce the duty, you are not sure that the benefits are going to get to the person. But if you do it the way the minister is suggesting, you can say that it cost this amount and that's important." The Permanent Secretary for Finance said on looking at the Bahamas and other countries that are grappling with the same problem, they are taking a more targeted approach, and "I think that is more transparent, from an overall budget management perspective." Hall acknowledged that this could potentially be very expensive and very bothersome for activity, yet, government must be innovative in mechanisms that are less costly in getting reasonably priced goods to those that are most affected. These concerns were voiced at the CDB conference, where in which it was suggested that TCIG should structure programs that really target affected persons. One avenue recommended was that government collaborate with social service groups to ensure that the benefits can be trickled down to those hardest hit. Another approach considered is for government to purchase containers of goods directly, distribute them at a lower price affixed to various islands, thus providing the maximum benefit to those people that are affected the most by this situation. Nevertheless, Hall said this will be explored further with his ministerial colleagues and he will report to the public on this, and other pressing issues.

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Grand Turk., Turks & Caicos Islands
Acerca de 1942 Columbus on his first voyage to the New World he landed on the island of Guanahani (plenty water), which is known today as Grand Turk.There are other claims. Also on his first voyage, Columbus spoke about the water inland. The only Island in the Archipelago which has a lot of water is Guanahani as the name applies. Welcome to our page, feel free to make comments. We reserve the right choose and refuse. Just sit back, relax and enjoy.

The Island of Grand Turk.

The Island of Grand Turk.