TCI OUT OF RECESSION; PREMIER’S APPROACH CREDITED WITH FAVOURABLE S&P RATING

#TurksandCaicos, June 7, 2021 – The Turks and Caicos Islands are no longer in a recession.  In fact, money is flowing so much better since that announcement was made in October 2020, that the TCI has not needed to draw down on the $80 Million dollar loan it received. 

The Coronavirus Pandemic plunged the economy of Turks and Caicos so low that it was estimated losses were at 22 million dollars per month.  At one point, these islands were labelled the worst hit in the world (per capita) due to the impact on the travel industry of the global health crisis; that assessment had come from the World Travel and Tourism council. 

In a press conference Wednesday (June 2) evening, Premier and Finance Minister Washington Misick made the announcement that indeed TCI was no longer experiencing negative growth and that the country was awarded a Triple B plus rating with a positive outlook. 

An outstanding feat, which he boldly and explicitly credited to the Goodness of God.

 The Premier also said this Triple B+ rating will not only give TCI the financial reputation it needs to fulfill his party’s ambitious contract to dramatically improve on infrastructure and establish sound institutions  but it demonstrates the confidence by investors here and incoming about the buoyancy of the Turks and Caicos economy. 

When his Cabinet Ministers spoke at the press conference held 103 days after the PNP took office, they credited the Premier with ensuring the country was able to secure this rating. 

Interviews within the territory and the Premier’s ability to negotiate a shift in the rating’s time line gave his team the opportunity to complete a sound and rapidly approved FSPS, which is the Financial Strategy of the islands for the next four years. 

Hon Washington Misick was able to buy time with Standard & Poor’s which came in for its assessment right around the time of the general elections.  S&P awaited the strategy, which got rapid approval by the UK Foreign Commonwealth and Development Office and now, the Turks and Caicos Islands stand as a financial success story, with a miraculous turn around in national earnings and what the Premier called, “a bright future”.