Economic Policy
The Progressive National Party’s economic policies are built on a foundation of inclusivity, resilience, and long-term prosperity for the Turks and Caicos Islands. Guided by the Citizen’s Contract, we are committed to fostering economic growth that benefits every citizen. Our initiatives focus on reducing the cost of living, expanding opportunities for employment, and supporting local businesses. Through forward-thinking policies, strategic partnerships, and sustainable development, we aim to create an economy that empowers our people and enhances their quality of life.
Economic Achievements
Since being elected to office, the Progressive National Party has taken bold steps to strengthen the economy, support citizens, and enhance economic resilience. Our accomplishments are a testament to our dedication to improving the lives of Turks and Caicos Islanders, from targeted stimulus packages to infrastructure improvements and enhanced public services. Explore our achievements below and see how we’re delivering on our commitment to economic progress.
The PNP government provided three comprehensive COVID-19 stimulus packages to assist citizens during the pandemic, totalling over $25 million. This support included direct payments to Turks and Caicos Islanders, which helped to cushion financial strain, stabilize the economy, and safeguard the well-being of families and businesses in truly challenging times.
Recognizing the importance of accessible housing, the PNP allocated significant funding to the development of a Turks and Caicos Islands Mortgage Corporation. This investment supports the government’s commitment to helping citizens secure affordable homes, providing mortgage options that meet the needs of our Turks and Caicos Islanders and enhancing pathways to home ownership for all.
The PNP has implemented a historic increase in the national minimum wage by over 20%, benefitting workers across various sectors. Additionally, public servants received a 10% salary increase as part of the first comprehensive pay review in over a decade. These adjustments reflect the government’s dedication to improving quality of life, ensuring fair compensation, and recognizing the contributions of the public workforce.
To ease the cost of living for Turks and Caicos Islanders, the PNP administration reduced Customs Processing Fees by nearly 35% and eliminated duties on essential food staples. This initiative also included a reduction in fuel tax, bringing down prices at the pump. These measures help alleviate financial pressures on families, making everyday essentials more affordable.
The PNP has expanded the categories of businesses eligible for grants and considerably increased funding amounts available through Invest TCI. This enhanced support empowers local entrepreneurs and small business owners, providing them with the financial resources needed to grow and succeed. Additionally, targeted funding was extended to key sectors, such as agriculture and the fishing industry, to drive economic diversification and resilience.