TCI News
Perception corrected; UK not micro-managing TCI money and spending says Governor
#Providenciales, Turks and Caicos – Thursday April 12, 2018 – The PDM Administration has been encouraged by the United Kingdom to draw from the country’s healthy financial reserves to expedite reconstruction following 2017’s hurricanes Irma and Maria.
The statement came as Governor, His Excellency, Dr. John Freeman opened a first-of-its-kind media breakfast meeting in Provo – where members of the TCI media core were given unfiltered access to the Governor on anything and everything related to TCI governance.
In concluding his opener, the Governor shared with media that, “I should add that in terms of identifying funding to meet immediate post hurricane renovations and repairs the UK has not restricted this in any way, and has encouraged TCIG to draw as necessary on its financial resources including if necessary on it comparatively large reserves.” 
This position contrasts starkly with the popular view that the Government has been encumbered by the British when it comes to more swiftly spending public monies on public needs.
The Governor, when questioned directly about this perception said that view is one of the long held perspectives which paints an incorrect picture of the UK’s role in TCIG spending. The Governor, Dr. Freeman at his office in Raleigh House on Leeward Highway explained that much stringency has disappeared with the nullification of the role of the CFO.
“There is a framework agreement between TCIG and the UK Government.. is designed to help ensure the finances are soundly administered but provided the strategic goals set under that framework are being met, and currently they are.. the UK is not imposing any restrictions. It is quite wrong when people blame the UK as some awful gorgon out there stopping you getting your hand in the till; after all the big difference between a few years ago and now is that there is not Chief Financial Officer.
The Governor frankly expressed that there was a time the CFO was controlling and approving spending directly as a UK appointed official, but those days are over. 
“The Chief Financial Officer, when he was here under the ordinance provided for, initially, every single expenditure above 10,000 I think it was, had to be approved by him, subsequently it was shifted to $75,000 but the powers of the Chief Financial Officer were extremely extensive and that wasn’t an accident. The UK wanted that after the troubles you had a few years ago where the country was close to bankruptcy but that went last year. We don’t have a Chief Financial Officer.”
Dr. Freeman said he was keen on the opportunity to clarify the very common misconception and explained that the UK was prepared to even see the Turks and Caicos run a deficit budget if necessary due to the catastrophic hit of the back to back hurricanes, which cost the Turks and Caicos over half a billion dollars in damages and losses.
“Though the outturn figure for the Budget for the concluding financial is now going to be significantly in surplus, it was not anticipated in December or early January that it would be and that would have required running a deficit budget, running a deficit budget. And the UK did not stand in the way of that. And why didn’t they stand in the way of that? Because they could see that certain monies would need to be spent and they are not trying to micro-manage everything and saying keep your hands out of the till.”
The Governor explained that any member of the Cabinet can attest to this fact. Adding that it is really a matter for the elected administration – led by Premier Sharlene Robinson, who is also the Minister responsible for Finance – to chart the course they feel is best and fiscally prudent.
“Nobody bites into their reserves imprudently. It’s taken a long time to build up the level of reserves this territory has got and nobody should wantonly spend the money, but if there is an immediate, current need it is possible to do that. It is also possible, if you wish, to borrow against reserves on the international markets and the UK would not oppose that.”
The TCI public has been critical of the PDM Administration and the pace of recovery post the hurricanes. The UK has been subject to the rebuke as there has not been much work done in the aftermath of the terrible storms.
His Excellency reminded that the Turks and Caicos enjoys a very enviable credit rating which would make borrowing easier.
Five media houses were represented at the press breakfast held today, April 12, 2017… it may be the first in a string, said Governor Dr. Freeman.
Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.
Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The
development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.
Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.
Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.
Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.
Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.
The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.
Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of
IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”
He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”
Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”
The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion
Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.
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