#Providenciales, Turks and Caicos – March 23, 2020 — The economy of the Turks and Caicos Islands is the second most dependent on tourism in the world. The Turks and Caicos Hotel & Tourism Association represents the majority of businesses and employees in the tourism sector.
The TCHTA and its leadership are hard at work making strategic plans to mitigate the immediate effects of the COVID-19 pandemic on employees and the economy.
We are working with the Premier and Governor offering ideas for a strategic custom-tailored financial stimulus package that matches the unique business model of the Turks and Caicos tourism industry. Such a package will be essential for the sector to survive this world-wide unprecedented situation and must include a massive cash injection into the economy.
While there are many unknowns during this global emergency, the priority of the TCHTA and its members is to our thousands of dedicated employees. As the country’s tourism sector moves closer to a zero-revenue situation for an undetermined period, our goal is to promote limited layoffs and opt for salary cuts as a measure to keep funds flowing to as many industry workers as possible, even when closures must occur.
Each property and business will have to make human resource decisions based on their respective current cash-flow position.
For any business, cash on hand and the availability of credit is the most important element of survival when revenue no longer exists. The TCHTA has engaged our partners in the banking sector and is pleased to hear that all banks will be offering some form of payment moratorium to both private and corporate customers. We are hopeful the government will also assist by making credit available to businesses.
The formula to survive for the medium term of six months and then through a longer-term recovery period is for the government, the tourism industry, and employees to share in the hardships it will take to see the country overcome the challenges ahead.
Together we will be successful and restore our tourism industry as strong as ever.
Within the membership, support is being provided with educational materials, webinars and digital forums to ensure members and their staff are properly equipped with the tools and information to practice as safely and carefully as possible to stop the spread of COVID-19 and to protect staff members. Sharing best practices and making acute efforts to preserve normalcy in operations is critical at this time.
As a small country dependent on a single industry, we must look out for one another. We appeal to everyone to be vigilant about your health and safety and that of your families. Additionally, we encourage all Turks and Caicos residents to assist neighbours and allow your actions to be guided by the spirit of caring.
The TCHTA will continue to update and keep our membership and the general public informed and demonstrate leadership for the benefit of all.
TCHTA Press Release
TURKS AND CAICOS ISLANDS POST CABINET MEETING STATEMENT
#TurksandCaicos, June 25, 2022 – Her Excellency the Acting Governor, Anya Williams, chaired the 19th meeting of Cabinet on Wednesday 22 June 2022 in Grand Turk. All other members were present.
At this meeting Cabinet:
- Approved the terms and conditions for an application from a land surveyor for a licence.
- Approved the making of the Revised Edition of the Laws 2021 (Commencement Order) 2022 subject to the approval of the House of Assembly; laws will be now be made available free of charge to members of the public on the Attorney General’s website. Physical reproductions will continue to be sold.
- Discussed proposed amendments to the Insurance Ordinance as drafting instructions to the Attorney General’s Chambers and consultation with the industry.
- Approved for the Insurance (Amendment) Bill 2022 to be introduced to the House of Assembly as soon as possible.
- Approved the revision of the Anti-Money Laundering Committee Budget for the Financial Year 2022/2023 for office furniture and supplies; confirmed annual payments for the annual membership costs to the Egmont Group of Financial Intelligence Agencies (FIA) and annual costs of the FIA’s travel costs for the Egmont annual meeting.
- Approved a three year rental lease agreement for the relocation of the Ministry of Tourism, Environment, Fisheries and Maritime Affairs, Culture and Heritage, Agriculture, religious Affairs and Gaming, and the Tourist Board and Department of Culture in Providenciales.
- Approved a lease agreement for a temporary HQ for the Turks & Caicos Islands Regiment in Providenciales.
- Was updated on the proposed merger of NIB/NHIP Compliance and Collections. Further consideration was requested before Cabinet can take a decision.
- Noted the award of the following contracts in line with the provisions of the Public Procurement Ordinance:
- PN 005600, TR 21/48, Furniture and equipment for Mental Health Facility – Grand Turk
- PN 005611, TR 21/30, Ballistic Vests for the Royal Turks and Caicos Islands Police Force
III. PN 005614, TR 21/37, Bellefield Landing Civilian Safety Project – Safe Boat Slips
- PN 005627, TR 21/53, Furniture and Equipment for Public Works Programme Management
- PN 005630, TR 21/08, Vehicles for Government (resubmission)
- Approved for a request from American Airlines to waive the import customs duties and customs processing fees for replacement parts for an aircraft that had an emergency landing on Providenciales to be forwarded to the House of Assembly for consideration and approval.
- Noted a paper from the Turks and Caicos Islands Airports Authority (TCIAA) for legislative amendments to be made to the TCIAA Ordinance to regulate industrial action by employees of the TCIAA. Cabinet requested further consideration. Proposed amendments will be considered by the House of Assembly for approval in due course.
- Approved the grant of a long lease to an applicant for a funeral home and cemetery on 60003/231 PT (2.5 ACRES)
Turks & Caicos Islands Government retains it BBB+ credit rating
#TurksandCaicos, June 25, 2022 – On the 29th of March 2022, Standard and Poor’s Global (S&P) released the results of the review of the 2021 sovereign credit rating for the Turks and Caicos Islands (TCI). S&P has affirmed the country’s sovereign credit rating for long-term bonds, denominated in both domestic and foreign currency, of BBB+. Additionally, the agency also maintained the outlook as Stable for the TCI.
The Rating Agency advised that the stable outlook takes into account that the country’s economy will continue to recover given the strong performance of tourism and will improve in 2022. Furthermore, S&P believes the TCI will continue to adhere to prudent financial management and limit borrowing, and that fiscal reserve balances will increase during the next two years. Additionally, the rating agency also expects continuity in TCI’s institutional relationship with the U.K.
In its report, the rating agency advised that the rationale for the rating was a result of the Country’s institutional and economic profile. That is, the economic recovery led by resurgence in tourism and continued institutional stability. S&P indicated that despite the short-term pressures of the global COVID-19 pandemic in 2020, the TCI Government’s prudent actions, aided by the U.K.’s swift transfer of vaccines, allowed international travel to resume as early as the first quarter of 2021. The combination of the Government’s swift response, coupled with pent-up demand in key source markets, led to a strong recovery in tourism, which in turn, has led to a better-than anticipated economic recovery. S&P estimates GDP per capita to be $23,674 in 2021, up from $20,757 in 2020 – a 14% year over year increase. Tourism remains the core pillar of the economy, indirectly accounting for about 65% of GDP.
S&P indicated that the ratings could be revised upwards if better-than-expected GDP increases and continued favorable growth prospects were to substantially boost economic resilience. Additionally, the rating agency also stated that they could also raise the ratings if better availability of timely data, especially on external flows and stocks, were to boost transparency and indicated that TCI enjoyed a significantly stronger economic or external position.
However, if the rebound in tourism is interrupted or turns out to be weaker than expected, leading to prolonged stress on revenues, this may cause the TCI Government to run persistent fiscal deficits that could materially worsen public finances. This could lead to a down grading of the rating.
Commenting on the rating, Minister of Finance, Investment & Trade, Hon. E. Jay Saunders, stated that “I am happy and extremely proud that S&P saw fit to maintain our country’s credit rating at BBB+, particularly at a time when many countries had theirs downgraded – mainly due to the COVID-19 pandemic. This is a testament to the strength of our economy, and particularly, our government’s prudent handling of it. We have taken particular note of S&P’s comment that they could raise the ratings on better availability of timely data, and we are working towards achieving that.”
TCI Agriculture launches Plant Clinic
By Dana Malcolm
#TurksandCaicos, June 25, 2022 – These days anything can be online, even a plant clinic! The Turks and Caicos Islands Department of Agriculture wants to help budding and experienced farmers with any plant issues they may have and their new Online Plant Clinic is their solution to help as many Islanders as possible.
Launched on Thursday, June 16 the clinic will operate through Facebook. Individuals with sick plants or pest issues will be required to take a photo of the issue and upload that photo to the department of Agriculture’s Facebook page.
Answers to issues will be given once a month, on every third Thursday, via a public video so all Islanders can have access. The launch was attended by Chief Plant Protection Officer-CPPO Roneta Huntley Thomas, Director of Agriculture Wilhelmina Kissoonsingh, Minister of Agriculture Josephine Connolly, and Permanent Secretary of the Ministry of Agriculture Mrs. Cheryl Ann Jones.
Connolly urged residents to “grow your own food and grow TCI.”
Attendees of the launch were allowed to participate in games trying to identify different diseases for a chance at prizes. Residents can now immediately start sending in their photos on the Facebook page.
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