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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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Bahamas News

SOILCARE PHASE II ENGAGEMENT SESSIONS HELD AS BAHAMAS JOINS A COALITION OF COUNTRIES COMMITTED TO RESTORING LANDSCAPES AND SECURING A RESILIENT AGRICULTURAL FUTURE

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ST. GEORGE’S GRENADA – The Bahamas is joining a coalition of Caribbean Small Island Developing States, that committed to restoring landscapes and securing a resilient agricultural future, by tackling land degradation and drought. The Bahamas is one of six new countries scheduled to benefit from the Caribbean Small Island Developing States (SIDS) multi-country soil management initiative for Integrated Landscape Restoration and climate-resilient food systems (SOILCARE), Phase II, implemented by the Partnership Initiative for Sustainable Land Management (PISLM).

SOILCARE Phase I has been helping adopt policies, measures and best practices and support review of legal and institutional frameworks to achieve Land Degradation Neutrality LDN and Climate Resilience.

As PISLM prepares to launch Phase II of its flagship regional project, adding six new countries, two consultation sessions were completed on 3rd and 4th June by PISLM’s Sustainable Land Management Specialist Dr. Ronen Francis.

Project updates were present to the Permanent Secretary responsible for UNCCD IN the Ministry of Environment and Natural Resources, Mr. David Davis, Director of Agriculture – Dr Jason Sands and Danielle Hanek- Director of Forestry Unit of the Ministry of Environment and Natural Resources, the Bahamas.

This project will seek to assist the country in upgrading its National Soil Laboratories through provision of modern equipment, Standard Operating Procedures (SOPs) and training of technicians. It will also help the Bahamas, to develop Digital Soil Maps, develop their national drought risk plans, including improved drought management, Cat Island. It will also support a youth agri-business programme that will foster youth-led innovation and align with the CARICOM 25×25 vision.

This project is funded by the Global Environment Facility (GEF) and implemented with support from the Food and Agriculture Organization (FAO). Allocated funding is$17.9 million USD and $26.5 million USD in co-financing, by regional Governments, including the Bahamas.

Photo Caption:

Photo 1 Permanent Secretary responsible for UNCCD in the Ministry of Environment and Natural Resources, Mr. David Davis, Director of Agriculture – Dr Jason Sands Daniell, Ms. Danielle Hanek- Director of Forestry Unit of the Ministry of Environment and Natural Resources, the Bahamas and Dr. Ronen Francis-PISLM.

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CIBC Caribbean Hosts Career Day Experience  

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CIBC Caribbean proudly welcomed students from Shining Stars Preparatory School for an engaging and educational visit in celebration of the school’s annual Career Day.

Turks and Caicos Islands, June 19, 2025 –Shining Stars Preparatory School students got an inspiring introduction to the world of finance during a recent visit to CIBC Caribbean. Adorned in costumes, the future professionals were welcomed by the bank in recognition of the school’s annual career day.                                                                                                                                                                                                                                The visit formed part of CIBC Caribbean’s ongoing commitment to youth empowerment and education. With bright eyes and inquisitive minds, the students met with members of the Digital Banking, Personal and Business Banking (PBB) Sales, and Corporate Banking Support teams to learn more about the many career opportunities available within the financial services sector.

CIBC Caribbean Head of Country, Terrance Gibson, said, “At CIBC, we firmly believe that investing in our youth is investing in the future of TCI. Welcoming the students of Shining Stars Preparatory School into our space was not only a privilege, but a powerful reminder of why community engagement matters.”                                                                                                                                                                                                              The students were enthusiastic throughout the visit, eagerly asking questions and expressing keen interest in the daily operations of the bank. Their curiosity was met with thoughtful insights from CIBC Caribbean team members, who shared their personal journeys and professional experiences in banking.

As part of its broader community outreach, CIBC Caribbean has adopted Shining Stars Preparatory School. The bank has collaborated on a number of initiatives that promote learning, growth, and opportunity for young people.

Gibson added, “These bright young minds are full of potential, and our hope is that by opening our doors and sharing our knowledge, we have helped to spark interest in careers in banking, finance, and beyond. This relationship with Shining Stars speaks to our long-standing commitment to youth development and supporting the communities we serve.”

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Bahamas News

Bahamas Signs Major Agreements at Brazil–Caribbean Summit to Boost Food Security, Climate Resilience, and Regional Development

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Brasília, Brazil – Bahamian Prime Minister Philip Davis has announced the signing of a landmark cooperation agreement with Brazil and the country’s entry into the Global Alliance Against Hunger and Poverty, following his participation in the Brazil–Caribbean Summit held in Brasília on June 14. The summit brought together leaders from CARICOM, Cuba, the Dominican Republic, and key regional bodies to address pressing development challenges and renew economic and diplomatic ties with South America’s largest economy.

In a statement posted to Facebook on Saturday, Prime Minister Davis highlighted the significance of these developments for the Bahamian people: “We signed a key agreement with Brazil to work together on food security, education, disaster management, and climate resilience. The Bahamas also joined the Global Alliance Against Hunger and Poverty — unlocking new resources to fight poverty and tackle inequality.”

The Brazil–Caribbean Summit, hosted by Brazilian President Luiz Inácio Lula da Silva, marks a revitalization of Brazil’s engagement with the Caribbean after years of declining trade and limited collaboration. Trade between Brazil and the Caribbean region has dropped from $6 billion in 2010 to $4 billion in 2024, with most economic activity concentrated in Guyana, Trinidad and Tobago, and the Dominican Republic. This summit aimed to reverse that trend by fostering stronger cooperation on sustainable development goals, energy transitions, and disaster preparedness.

A key communique issued at the close of the summit underscored the joint commitment of participating nations to clean and inclusive energy transitions. “We recognize the urgent need to promote clean, sustainable, fair, affordable and inclusive energy transitions…with a view to contributing to the achievement of the Sustainable Development Goals, as well as the target of net-zero greenhouse gas emissions by mid-century,” the statement read. The leaders also called for increased financing mechanisms and international support to ensure developing nations can pursue these goals effectively.

The Bahamas’ inclusion in the Global Alliance Against Hunger and Poverty represents a significant step forward in its efforts to build resilience and reduce socio-economic disparities. The Alliance, launched under Brazil’s G20 presidency and officially adopted by G20 nations in July 2024, is focused on achieving the first two Sustainable Development Goals — the eradication of poverty (SDG 1) and hunger (SDG 2) — while also addressing inequalities (SDG 10). Since its inception, the Alliance has expanded successful national programs and fostered international cooperation through high-level summits and a champions council to guide its implementation.

Brazil has seen notable benefits from spearheading the initiative, including increased global recognition and strong support from leaders such as World Bank President Ajay Banga. The country has also used the platform to scale up its own social programs and promote the human right to nutritious food and dignified living conditions.

For The Bahamas, Davis emphasized that these partnerships will bring practical advantages: “For us, partnerships like these mean greater access to expertise and innovation — lowering costs for families, strengthening our resilience, and driving national development.”

The summit also addressed wider regional concerns, including the ongoing humanitarian crisis in Haiti. Leaders expressed “deep concern” over the multidimensional challenges facing the Haitian people and affirmed their commitment to supporting the country’s path to stability.                                                                                                                                                                        The participation of CARICOM leaders such as Guyanese President Irfaan Ali further underscored the importance of regional collaboration in meeting shared challenges. Discussions included scaling up investment for energy transition and disaster management infrastructure, areas of increasing urgency for climate-vulnerable Caribbean nations.

With its new commitments, The Bahamas joins a growing coalition of nations aligning development efforts with global best practices and collaborative frameworks. As climate risks intensify and inequality persists, these initiatives mark a shift toward proactive, cooperative strategies designed to safeguard the well-being of future generations.

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