Connect with us

News

$80 Million Republic Bank loan returned; Finance Minister announces retirement in Budget Communication

Published

on

By Dana Malcolm

Staff Writer

 

TurksandCaicos, May 19, 2022 – With a large surplus and increased cash reserves in the bank the Turks and Caicos Islands Government has given back a loan worth $80 million US dollars to the Republic Bank based in Trinidad and Tobago.

The loan had been secured by the previous administration in the midst of the pandemic to support Recurrent Expenditure. Instead, the TCI economy outperformed expectations and the loan was no longer needed for that specific purpose.

In 2021-2022 financial year the economy produced a surplus of $89.9 million over half of this was put into the TCIs reserves leaving just over $22 million. The budget this year was overall increased by 20 percent thanks to the increased performance of the economy.

“There was a cost to having this [loan] facility in place, even if it was not being utilized. So, as it was in our economic interest to retire it, we did so,” said E. Jay Saunders, Minister of Finance and Deputy Premier.

The Finance Minister said the loan facility was over $16,000 per month.

“When you take out a loan facility.  It’s usually for a fixed period and the payments (including interests) are spread out over that period.  There’s usually a penalty for early payout for loans,” explained Hon Saunders when quizzed by Magnetic Media about the return of the loan, he added, “When taking into consideration, it made more sense to let the loan facility retire than to pay the interests off early.”

Over 12 months, the loan facility cost TCIG $200k, informed the deputy premier.

Minister Saunders did not say whether the loan could have been used for other purposes or whether that had been considered by the TCIG.

In some quarters, it was proposed that the $80 million dollars might have fast tracked improvements in infrastructure, education, sports or health services.

Currently Health Services in the Turks and Caicos Islands are limited, the lack of an intensive care unit on the islands drives up the spending on overseas medical referrals.  This year the National Budget has allocated $78 million dollars to Health, equivalent to the entire 20 percent budget increase.

In the face of these and other possible capital improvements, there was no response to our queries about why the loan facility was abandoned.

News

ELECTRICITY BILL SHOCKER: PELICAN ENERGY WARNED GOV’T

Published

on

TCIG knew from April that fuel factor could surge almost 80%; Minister says $500 cost-of-living payment was part of Government’s response

PROVIDENCIALES — The Turks and Caicos Government knew months before July’s shocking electricity bills that consumers faced a potentially massive increase in the fuel factor.

Minister of Information Technology and Energy E. Jay Saunders revealed Friday that Pelican Energy warned his Ministry in April that generation fuel costs were projected to rise from $3.09 per gallon in May to $4.79 in June and July.

That translated into a projected fuel factor jump from about 17.5 cents to 31 cents per kilowatt-hour — an increase of almost 80%.

Saunders said he personally advised Cabinet of the projected increase and presented options for cushioning the impact.

He characterised Government’s $500 cost-of-living payment as its “initial response” to rising fuel costs, before a separate fuel-factor subsidy was approved.

Cabinet records show Government agreed on June 24 to provide funding to mitigate the fuel-factor impact, with the relief programme approved July 8.

Eligible residential customers — those averaging less than $1,500 monthly over the previous three bills — are capped at 22 cents per kWh from July through October.

Pelican confirmed Friday that Government’s contribution was already applied to July bills, meaning the bills now triggering widespread public outrage would have been even higher without the subsidy.

Saunders did not disclose the programme’s total cost.

His admission that Government knew since April, however, raises another question amid the backlash: why were consumers not directly warned by Government about the scale of the approaching increase?

Continue Reading

Bahamas News

More Bahamians Accessing HIV, STI Care Through NHI

Published

on

NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

Continue Reading

Health

47,459 MEASLES CASES, 44 DEATHS ACROSS AMERICAS  

Published

on

WASHINGTON, D.C. — The Americas has recorded 47,459 confirmed measles cases and 44 deaths in 2026, the region’s highest case count in 22 years, prompting the Pan American Health Organization (PAHO) to urge stronger vaccination, surveillance and rapid outbreak response.

As of July 18, cases were already more than triple the 15,011 recorded during all of 2025. Guatemala, Mexico, the United States and Peru account for 95% of confirmed cases. Guatemala leads with 30,371 cases and 26 deaths, followed by Mexico with 12,255 cases and 17 deaths.

PAHO classifies the regional public health risk as very high, citing active outbreaks, immunity gaps, international travel and populations with inadequate vaccination coverage.

The organization says prevention starts with vaccination. Countries are being urged to achieve and maintain at least 95% coverage with two doses of measles-containing vaccine, particularly protecting children and under-vaccinated communities.

Measles spreads through the air when an infected person breathes, coughs or sneezes. Symptoms can include fever, cough, runny nose, red eyes and a rash.

PAHO is urging health authorities to detect suspected cases early and respond rapidly to stop transmission. Unvaccinated and under-vaccinated people, young children and communities with limited healthcare access face increased risk of severe illness and death.

Continue Reading

FIND US ON FACEBOOK

TRENDING