TCI News
TCI Governor statement on Salary Cuts and return of UK Chief Financial Officer; says its ‘fake news’
#Providenciales, Turks and Caicos Islands – October 9, 2020 — I have been asked to comment, by Magnetic Media, on a piece of social media distributed by ‘CaribbeanNewsGlobal’ not least because it carries a photograph of a UK Minister and quotes unnamed, but supposedly well-placed sources in London, suggesting that the UK is making a set of financial demands on TCI.
These are non-attributed quotes, to an unnamed journalist, circulated by an unknown social media platform, purporting to be a Caribbean news outlet, that no one has heard of. As a result the story should be dismissed as an example of the very worst in social media fake news – if poorly executed. My statement of the 15th September, that includes a section on the economy, is the UK’s position.
Without dignifying the story, but given the headline, there are two falsehoods that need to be squashed. The first, because in these difficult times families do not need to be subjected to unnecessary fear, is that there is no truth, whatsoever, that the UK is seeking a 20% reduction in civil service salaries. No such conversation has taken place.
The second, given those choosing to invest in TCI, or institutions intending to lend to TCI, follow commentary generated for internal consumption, it is also important to put on record – categorically – that there is no truth whatsoever that the UK has decided to ‘intervene in TCI’s finances’ nor any suggestion a CFO is needed. It was needed in the past because of previous rampant corruption.
Today the UK does recognise that the Finance Ministry in the TCI is first class and entirely able to manage the Territories Finances without UK oversight. This, after all, was the first year when TCI did not need to present its Budget for approval.
Given TCI presently carries an extraordinarily small debt and given the Government of TCI has been prudent – entering the COVID crisis with strong reserves – should the TCI Government wish to take on well sourced and competitive debt the UK will, I’m sure, be supportive. That support is necessary because the UK takes on the contingent liability for all Overseas Territories debts. But that is where the conversation presently rests with the UK – the Premier as Minister of Finance signalling she is looking for the best deal she can secure, and the UK waiting to hear what the Governments approach to debt will be.
Given the UK itself is having to borrow very serious sums of money to weather the COVID19 crisis it will obviously be sympathetic to an Overseas Territory that, over the last years, carried almost no debt.
Looking forward the Governor’s Office will not be giving a running commentary on so-called news – as it relates to the UK / TCI relationship – purporting to come from ‘Caribbean News Global’. It is clearly a fake news platform.
One truthful statement that relates to the TCI / UK relationship, which of course helps confuse the reader by mixing established fact with falsehood, is that the UK is indeed supporting TCI’s Ministry of Health having sent Professor Ian Cumming to support the Premier, Minister and Permanent Secretary along with an epidemiologist, with a PhD from Cambridge, to support our own excellent Dr Malcolm and a fast stream civil servant from the UK’s National Health Service to work with the National Laboratory, and other areas, as the Minister of Health wishes. That would seem the right thing to do at time of pandemic and is a far better real world characterisation of the present relationship between the UK Government and TCIG.
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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