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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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GOLD & SILVER – Hall & Guerrier Fly High for Turks and Caicos at CARIFTA 2026

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Turks and Caicos, April 06, 2026 – Technical excellence early in their jumps became the defining factor for two Turks and Caicos athletes, as David Hall soared to gold in a nail-biting Under-20 high jump final at the 53rd CARIFTA Games in Grenada. Herwens Guerrier added to the country’s success with a 1.90 metre clearance to secure silver in the Under-17 division, finishing in a tightly contested field where all three medalists cleared the same height.

Both events were decided on countback — meaning the medals were determined not just by height cleared, but by which athlete did so with fewer failed attempts, highlighting the importance of precision and composure under pressure.

A wave of national pride followed the results, with congratulatory messages pouring in for the athletes who delivered under pressure on the regional stage. In a statement, Dileeni Daniel-Selvaratnam praised both competitors, saying their “hard work, discipline and determination have made the entire nation proud,” while encouraging the wider team to continue striving as competition unfolded at the Kirani James National Stadium in Grenada.

Team Turks and Caicos finished just outside of the top ten among 28 competing nations, and anticipation is already building for what is expected to be a spirited homecoming for the standout athletes, whose performances have ignited pride across the islands.

The 53rd staging of the CARIFTA Games, held at the Kirani James National Stadium in Grenada, unfolded under warm, at times testing conditions, with intermittent showers and shifting winds challenging athletes across disciplines.

Jamaica once again asserted its dominance, capturing its 40th consecutive CARIFTA title, continuing an unmatched run in regional athletics. Among the standout performers was Shanoya Douglas, whose electrifying run in the Under-20 200 metres earned her the prestigious Austin Sealy Award — the Games’ highest individual honour — after she shattered the long-standing record of Bahamian Shaunae Miller-Uibo, who went on to become an Olympic gold medalist in the 400 metres. Douglas clocked an impressive 22.11 seconds to rewrite the CARIFTA record books.

For Turks and Caicos, however, the spotlight remained firmly on the field, where two high jumpers delivered performances defined by discipline and growth. Hall’s gold medal-winning clearance of 2.00 metres marked a significant step forward in his development, improving on his 1.89 metre silver medal performance at the 2025 Inter-High Championships. Guerrier’s 1.90 metre effort in the Under-17 division similarly places him among the country’s top emerging talents, signalling a strong future for the event locally.

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

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Fuel Pain at The Pump: Global Tensions Drive Prices Up as Bahamians Feel the Squeeze

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NASSAU, Bahamas — What should be a simple five-minute drive is fast becoming an expensive, hour-long ordeal, as rising fuel prices collide with worsening traffic congestion across New Providence.

As of early April 2026, gasoline prices across The Bahamas have climbed sharply, with motorists now paying an estimated $5.50 to over $6.50 per gallon, depending on the station and grade. The increases, seen at major retailers including Esso, Rubis and Shell, reflect a volatile global oil market driven by escalating geopolitical tensions.

The latest spike — in some cases jumping more than 50 cents per gallon within days — is being driven by uncertainty surrounding escalating tensions involving Iran. U.S. President Donald Trump has issued a direct ultimatum, warning that the United States could launch aggressive strikes on Iranian infrastructure, including power plants and key facilities, if demands are not met. While he has also expressed hope for a swift resolution, the threat of rapid escalation is already rattling global oil markets — and The Bahamas, heavily dependent on imported fuel, is feeling the impact almost immediately.

At the pumps, the frustration is real.

Drivers are now paying significantly more just to sit in traffic. Commutes that once took minutes are stretching into hour-long crawls, burning fuel with little movement and compounding the financial strain. For many residents, the issue isn’t just the price per gallon — it’s how quickly that gallon disappears.

Industry players are also bracing for impact. Higher diesel prices are expected to ripple across key sectors, including trucking, construction, and shipping — all of which ultimately feed into the cost of goods and services. In short, this is not just a fuel story; it’s an inflation story in the making.

Despite the surge, the Bahamas Petroleum Retailers Association has moved to calm fears, confirming that there is no fuel shortage. Supply remains stable, but consumers are being urged to adjust behavior — from maintaining proper tyre pressure to considering carpooling — small measures that could stretch every dollar a bit further.

Retailers, however, are not offering much comfort on price relief. While fluctuations are expected, insiders say the days of sudden price drops are unlikely in the immediate term. The “shock” increases may level off, but a meaningful decline hinges on global stability — something that currently feels out of reach.

For Bahamians, the reality is tightening: higher fuel costs, longer commutes, and a growing sense that relief isn’t coming anytime soon.

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

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DECLARATIONS DUE: INTEGRITY COMMISSION CALLS PUBLIC OFFICIALS TO ACCOUNT

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PROVIDENCIALES, Turks and Caicos Islands — It’s that time again — a period of compliance, accountability and transparency for those entrusted with public office and captured under the category of “Specified Persons in Public Life.”

The Integrity Commission is reminding all individuals who fall within this category that they are legally required to file their Declarations of Income, Assets and Liabilities, in accordance with Section 39 of the Integrity Commission Ordinance.

The declaration window is now officially open, running from April 1 to June 30, 2026, and applies to a wide cross-section of senior public officials, statutory board members and others operating within the machinery of government.

This is not a routine administrative exercise. It is a cornerstone of good governance — designed to ensure that those in positions of power are transparent about their financial interests, and to guard against corruption, conflicts of interest and illicit enrichment.

Who Must File

The Commission outlines several categories of individuals required to submit declarations this cycle.

They include:

  • Persons who last filed on or before June 30, 2024
  • Individuals newly appointed to statutory boards or government positions from April 1, 2026 onward
  • Those who have demitted office, resigned or whose contracts have ended — who must file within 90 days of leaving their post
  • Individuals who may not have previously realized they fall under the legal requirement

The net is wide — and intentionally so.

“Specified Persons in Public Life” includes elected officials, senior civil servants, financial officers, law enforcement leadership, members of statutory bodies, and other key decision-makers whose roles carry influence over public resources and policy.

Among them are Members of the House of Assembly, Cabinet Ministers, Permanent Secretaries, Heads of Department, senior police officers, and individuals serving on public boards and commissions.

The Commission notes that the full schedule of designated roles is extensive, and persons are encouraged to consult the official list available through its office or website to confirm whether they are captured under the law.

How to File

Unlike many modern reporting systems, this process remains deliberately controlled.

All declarations must be:

  • Submitted in person
  • Delivered by appointment only
  • Accompanied by supporting documentation

Declarants will be contacted directly with their assigned appointment details, including date, time and location. The Commission has made it clear — submissions through third parties, email or mail will not be accepted.

This approach reinforces the seriousness of the process and ensures the integrity of submissions.

Declaration forms are available via the Commission’s website, and assistance is accessible through its Providenciales office for those needing clarification.

Penalties for Non-Compliance

The warning from the Commission is unambiguous.

Failure to file a declaration without reasonable cause is a criminal offence.

Penalties include:

  • Up to one year imprisonment
  • A fine of up to $15,000
  • Or both

Additionally, the Commission is mandated to publish the names of non-compliant individuals in the official Gazette — a move that carries both legal and reputational consequences.

Confidential but Critical

While the process is strict, the Commission emphasizes that all declarations are confidential documents, handled with discretion.

Still, the purpose is clear: transparency does not always mean public disclosure — but it does mean accountability to an independent oversight body.

In a region where public trust can be fragile, these filings serve as a quiet but powerful mechanism to reinforce confidence in governance.

For Turks and Caicos, this annual exercise is more than paperwork — it is a test of integrity at the highest levels.

And for those required to file, the message is simple: comply, disclose, and do it on time.

For more information or to confirm filing obligations, individuals are encouraged to contact the Integrity Commission directly.

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

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