Starting this month, displaced tourism workers who receive the government’s $ 1,000 grant will receive an additional $ 500, Treasury Secretary Roy McTaggart said Thursday.

Addressing the COVID-19 briefing, McTaggart said cabinet approved the increase for the temporary relief initiative.

The scholarship program launched last year is designed to help unemployed Caimans in the tourism industry affected by the COVID-19 pandemic.

The monthly support has now been extended until June this year. So far, 2,898 tourism workers have benefited from the scholarship.

“This increase in the scholarship is another step in helping our tourism workers cope with the economic and financial hardships caused by COVID-19,” McTaggart said at the briefing.

The Treasury Secretary said the increased grant will cost the government an additional $ 1.5 million per month, which is $ 7.5 million through June.

The government had checked the increase.

“While our local economy continues to perform well, many in our tourism sector are still suffering from our borders being closed. Some time ago the government decided if our finances would allow us and we would look again at the support that could be given to displaced tourism workers, ”he said.

Treasury Secretary Roy McTaggart speaks at the press conference on Thursday. – Photo: GIS

McTaggart, who released the government’s preliminary 2020 financials, said the country’s better-than-expected performance last year only caused an expected deficit of $ 50-75 million. However, initial expectations put the deficit at $ 168 million, so the new estimate “leaves us in a much better position,” he said.

“What also puts us in a good position is that by the end of 2020 we had around $ 449 million in the bank. This is the result of the work that has been done over the past two terms to secure the country’s finances, and it is this buffer that has given us the space to put health and safety first in our decisions, not money “Added McTaggart.

He said $ 32.4 million was spent on financial assistance, including the scholarship program, last year for families and businesses affected by the pandemic.

As of March 2020, the government has spent $ 15.6 million on tourism grants to help affected workers. Last month, workers who had not yet signed up for the scholarship were asked to register for financial assistance.

Prime Minister Alden McLaughlin answered questions about means test applicants for the scholarship and stated that the increase would apply to those who were already part of the program.

McLaughlin acknowledged that the Caymanians can’t really live on $ 1,000 or $ 1,500 a month, “although some do or have to,” adding, “We have always understood that this is helping the people and no substitute for their regular salary. “

McLaughlin also said the government will not punish anyone by taking the scholarship away from those who may have found employment.

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