(CNS): The Cayman Islands government has secured about $ 5-6 million to help families in need cope with rising electricity bills and additional fuel costs in their homes, according to Prime Minister Wayne Panton. did. In response to a statement in parliament Thursday evening by opposition leader Roy McTaggart asking how to rescue the Cayman Islands from high living costs, Pantone regained a long list of moves already made by CIG and is temporary. Assistance to about 21,600 households who have revealed plans to give.
He also said that workers in the public sector could expect another living allowance that should be targeted at lower wage grade workers.
Pantone said of these and other policy plans that would help address current inflation fluctuations, given that the government actually has few tools to prevent rising interest rates and an inflationary economy. He said he would reveal the details.
He said CIG would provide cash for the most vulnerable and funded critical programs, provide free school meals to all children in public schools, and farmers would improve production and locals. We have outlined more than 12 areas of exemption from senior citizens’ fees, such as helping. Food security.
The announcement came after the government accepted an opposition movement to reduce the stamp duty paid by the Cayman Islands to property and raise the zero tariff threshold to $ 500,000.
According to Pantone, PACT has already put in place many steps to help families deal with it, but is working on more to help people survive the most difficult times to come. He pointed out the urgent need to act swiftly to begin reducing Cayman’s dependence on diesel for power generation, and negotiated with banks to lower interest rates on locals and reform foreclosure procedures. ..
The prime minister said his government understands the challenges and that all the little things that can be done to help are in the process of coping.
“We’ve done a lot in different areas to help the economy and help people,” he said, and much has already been done to reduce the impact of inflation on families. And will increase further in the future.
He said he was concerned about the end of this month’s pension freeze, given the long-term freeze and the large withdrawal of funds by many, and long-term issues must be considered. rice field. ..
Pantone also warned of the government’s stagflation and possible recession, and explained that it is still considering further actions and measures to address rising living costs.
Check back at the CNS next week for more information on PACT’s plans to tackle inflation.
See Thursday night Congress session on CIGTV below.