Finance
Renewed Focus for the Big South, Member excited about Budget Allocations
By Dana Malcolm
Staff Writer
#TurksandCaicos, May 23, 2023 – “South Caicos will finally get the economic boost that we have been waiting for, for such a long, long time!”
That’s the promise from John Malcolm, Deputy Speaker and Member of Parliament for South Caicos, as he reeled off all the benefits coming to his constituency this financial year including beautification and upgraded flight plans. He was speaking during the National Budget Debate last Thursday morning.
“These are just the start of the works that will bring about the transformation of South Caicos as a whole” he vowed. Included in those works? A fix to the sketchy flight situation on the island.
Malcolm referenced the consistent delays residents experienced with flights and promised: “That is about to be
alleviated. Steps are now being taken to increase the amounts of domestic and international flights in and out South Caicos. I am more than excited about the prospect of this. I am ecstatic,” he said to a loud applause from his comrades.
He said stakeholders had expressed confidence in the ‘rapid exponential growth’ that his constituency was capable of, that confidence he said was partly due to the ongoing infrastructure upgrades that South Caicos had been experiencing in recent years with the new terminal building; upcoming completion of South Caicos Port; and the construction of two five star hotels one of which (East Bay Resort) was soon to be rebranded by world class hotel chain Marriott.
The Member from South Caicos repeatedly expressed how excited he was for these upgrades; describing the Budget as ambitious and audacious; he revealed how much cash was being put into the island:
- $ 500,000 for the redevelopment of Regatta village
- $ 1.5 million for dredging and Welcome Centre and a hygienic ‘Fish House’ for fishermen
- $ 500,000 for resurfacing of local playground
In addition, at least two private citizens have approached Malcolm directly he said, expressing interest to finance water services. A new library for the community is being sponsored by a group of overseas churches, reported the MP.
“I am excited that a renewed focus is being placed on the revival of the South Caicos Economy,” he said.
Turks and Caicos, May 12, 2026 – A new era of digital finance regulation could be on the horizon for the Turks and Caicos Islands, as
the Financial Services Commission moves to establish a legal framework for virtual assets and cryptocurrency-related businesses.
The TCI Financial Services Commission on Friday launched a public consultation on its proposed Virtual Assets Business Bill, 2026, legislation designed to regulate virtual asset service providers, stablecoin issuers and other digital asset activities operating in or from the territory.
Globally, governments and regulators have been racing to catch up with the rapid growth of digital currencies, blockchain technology and online financial platforms. Concerns over money laundering, cybercrime, fraud and the collapse of poorly regulated crypto exchanges have pushed jurisdictions to tighten oversight while still trying to attract financial innovation and investment.
The proposed TCI bill appears aimed at positioning the territory within that evolving international framework.
According to the FSC, the legislation is aligned with international standards and guidance from bodies including the Financial Action Task Force, International Organization of Securities Commissions and the Financial Stability Board.
The Commission said the bill would introduce a “comprehensive licensing, supervisory, prudential and enforcement framework” for the
sector. The proposed law includes anti-money laundering and counter-terrorism financing obligations, cyber resilience requirements, enforcement measures and even a regulatory sandbox intended to support innovation.
Among the notable features are proposed reserve and governance rules for stablecoins, which are digital currencies typically tied to traditional assets like the US dollar. The draft legislation also outlines exemptions for certain technology providers and closed-loop token systems.
The FSC said the consultation period is intended to gather public and industry feedback before the bill is submitted to Cabinet next month. Written submissions must be received by June 8, 2026.
The consultation paper and draft bill have been published on the FSC website for public review.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
The Bahamas, May 4, 2026 – With elections days away, The Bahamas has picked up a headline-friendly win: a credit rating upgrade.
Here’s the one-liner that matters most:
A higher rating can mean cheaper borrowing for the government—over time.
That’s the upside. When lenders see less risk, they demand lower interest. That can ease the cost of financing big projects and managing national debt.
But that’s only part of the story.
Moody’s Ratings has upgraded The Bahamas to Ba3 from B1, citing stronger fiscal discipline, improved liquidity and a more stable funding strategy. It also points to better tax collection, controlled spending and continued strength in tourism as key drivers.
Moody’s expects the government to maintain solid primary surpluses—essentially bringing in more than it spends before debt payments—and projects national debt to decline from 72.5% of GDP to around 68% by 2027.
That’s progress.
But here’s the reality check.
The Bahamas is still below investment grade. In plain terms, the country remains in speculative territory, meaning investors still see a higher level of risk compared to more stable economies.
Debt, while improving, is still elevated. And the economy remains heavily dependent on tourism—a sector that can shift quickly with global
conditions, weather events or geopolitical shocks.
Even Moody’s signals that more work is needed. Further upgrades depend on:
- sustained reductions in debt
- improved debt affordability
- and continued access to favourable financing
So while the upgrade reflects real gains, it is not a finish line.
It is a signal that the country is moving in the right direction—but must stay disciplined to keep that momentum.
For voters heading to the polls, the takeaway is simple:
The Bahamas has strengthened its financial position—but the fundamentals still need work.
The progress is real.
The challenge now is to make it last.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
