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Turks & Caicos Islands Government retains it BBB+ credit rating

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#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.”

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GOVERNMENT REVIEWING TENDER AFTER GRAND TURK–SOUTH CAICOS FLIGHTS STOP

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Turks and Caicos Islands – March 10, 2026 – Commercial flights between Grand Turk and South Caicos have been temporarily discontinued, leaving residents without a direct air link between the two islands since March 1.

The Turks and Caicos Islands Government confirmed the suspension in a statement Tuesday, explaining that the route — which operates under a government subsidy — is currently under review as officials reassess the tender process used to award the service.

The Ministry of Finance, Economic Development, Investment and Trade said the government is “working diligently to assess available options” to restore reliable air service between the islands as quickly as possible.

While the statement did not identify which airline had been operating the route, historically Caicos Express Airways and interCaribbean Airways have provided flights between South Caicos and Grand Turk using small twin-engine aircraft.

Officials acknowledged the disruption has caused concern among residents, noting that inter-island air travel is critical for access to essential services, business activity and government operations.

The government emphasized that the suspension does not affect flights between Grand Turk and Salt Cay, which continue to operate normally.

The review now underway will determine the next provider for the subsidized route. Authorities say the process must be conducted in a “fair, transparent and efficient manner” before service can resume.

For residents of the two islands, however, the immediate issue remains transportation — with many now forced to reroute through Providenciales or rely on limited sea travel until the air connection is restored.

Further updates are expected once the government completes its review and awards a new operating arrangement.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Rights Without Justice: How Weak Enforcement Fails Women and Girls

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GLOBAL — Laws promising equality for women and girls exist in many countries around the world, yet millions still struggle to access justice when their rights are violated.

That stark reality is highlighted in a United Nations report titled “Ensuring and Strengthening Access to Justice for All Women and Girls,” released ahead of International Women’s Day and the 70th session of the Commission on the Status of Women, which begins March 9 in New York.

The report points to what experts call an “implementation gap” — the disconnect between laws that guarantee equality and the real-world ability of women and girls to enforce those rights.

While legal frameworks promoting gender equality have expanded globally, the report warns that many women continue to face significant barriers when seeking justice.

Among the most common obstacles are high legal costs, long distances to courts and services, language barriers, and low levels of legal literacy. Many women also face what researchers describe as “time poverty,” balancing work and caregiving responsibilities that make pursuing legal action difficult.

Bias and stigma within justice systems themselves can also discourage women from reporting abuse or seeking legal remedies.

The report notes that girls often face distinct and overlooked barriers. In many cases, justice systems lack child-centred procedures, making it difficult for girls to safely report harm or access legal protection. Issues such as child marriage and early pregnancy can further complicate their ability to assert their rights, particularly when they remain legally dependent on family members who may also be the source of harm.

Older women also face unique challenges, often shaped by lifelong patterns of discrimination and economic disadvantage. Gendered ageism can undermine their credibility, with complaints involving violence, neglect, health rights, pensions or property disputes sometimes dismissed or ignored.

The United Nations report also highlights structural weaknesses within justice systems, including limited budgets, shortages of trained personnel and poor coordination between institutions responsible for delivering justice services.

Another factor contributing to the enforcement gap is the continued male dominance within justice sector leadership, which researchers say can discourage women from engaging with institutions meant to protect them.

The findings come as the United Nations marks International Women’s Day under the theme “Rights. Justice. Action. For ALL Women and Girls,” a call for governments to move beyond commitments on paper and ensure that laws protecting women are fully enforced.

Global leaders say closing the gap between legislation and real-world outcomes remains one of the most urgent challenges in achieving gender equality and ensuring that women and girls everywhere can live safe, healthy and purposeful lives.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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Jamaica Joins Afreximbank Agreement, Strengthening Africa–Caribbean Partnership

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CARIBBEAN — Jamaica has become the 13th CARICOM member state to accede to the African Export-Import Bank Establishment Agreement, further strengthening economic ties between Africa and the Caribbean.

The development was confirmed during the 50th CARICOM Heads of Government Meeting, where an Afreximbank delegation led by George Elombi and Kanayo Awani met with Jamaica’s Prime Minister Andrew Holness to advance cooperation.

Prime Minister Holness thanked the bank for its support following Jamaica’s recent hurricane, noting that Afreximbank financing helped restore critical infrastructure including water, electricity, sewage systems and roads, while also assisting reconstruction efforts aimed at building stronger resilience to future disasters.

The meeting also focused on broader development opportunities tied to Jamaica’s membership in the agreement. Discussions included rebuilding and modernising infrastructure such as railways, hospitals and other public facilities, while strengthening regional transportation and trade networks to improve the movement of people and goods across the Caribbean.

Afreximbank has been expanding its presence in the Caribbean as part of its strategy to connect Africa with the region often referred to as “Global Africa.” The bank has already committed billions of dollars in financing and trade support to Caribbean economies in recent years, including funding for infrastructure, trade facilitation and private sector investment.

By joining the agreement, Jamaica gains expanded access to Afreximbank’s financial instruments, technical support and trade networks designed to promote commerce between Africa and CARICOM states.

Regional leaders say the growing partnership could unlock new opportunities in areas such as trade, logistics, tourism, manufacturing and cultural exchange, strengthening economic cooperation between the two regions with deep historical and diaspora ties.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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