Finance
What the Budget is missing according to Appropriations Committee
By Dana Malcolm
Staff Writer
#TurksandCaicos, May 19, 2023 – After five days of delving into over 16 ministries and departments to see whether they were being properly funded, the Appropriations Committee has found that several critical areas in the TCI need immediate attention.
Chairman of the Committee Kyle Knowles brought the shortfalls affecting residents to the attention of the House of Assembly during the Budget Debate on Tuesday May 16th, included on that list are long awaited boats for Grand Turk.
The report presented by Knowles included eight recommendations spread across the Ministries and Departments.
Immigration and Border Security
“The committee noted there are insufficient vessels for the patrolling of the TCI’s waters,” he said plainly. “The committee recommends that there is a need for additional vessels and additional manpower for the enforcement and patrolling of Grand Turk South Caicos and the Cays.”
Residents of these areas have been begging for more patrol vessels for years, not only to protect the rich and varied sea life of which poachers steal hundreds of pounds, sometimes in a single sitting, but for safety against illegal smuggling of people and weapons. That a nation so bisected by water does not have ample patrol boats is a serious gap in security.
A ‘fully functional’ Police Marine Branch has been ordered for Grand Turk as well.
Physical Planning and Infrastructure Development
During the Appropriations, it was revealed that it was standard practice of many departments to draw up plans and
budgets for capital projects before meeting with PPID, and then find out only after the budget was passed that their estimates were woefully inadequate; making supplementary budgets necessary and contributing to the syrupy slow pace of capital project completion in the country. Knowles and the other committee members found this inefficient and have recommended that all departments must now meet with PPID months in advance of the budget to discuss any projects to be submitted for consideration.
“This will facilitate adequate funding being allocated for projects and help with the expedition of the procurement process. This will expedite capital projects by helping them to get started and completed in a timely manner,” he said.
Concerns about management of Janitorial services which are to be privatised were also noted.
Ministry of Home Affairs
An Audit has been recommended of all Government owned vehicles with special consideration to security forces. During Appropriations, a myriad of departments presented budgets with allocations for vehicles or stated they simply had none. A general overview of the registrar general’s office with a view to modernise was also recommended.
Ministry of Finance
The Gaming Control Commission, now under the umbrella of the Ministry of Finance is also in need of funding, Knowles said, without which they cannot properly manage the slot machines located around the island. This is essential for a proper regulatory structure without which the TCI will not be able to reach international standards and tap into the multi million dollar gaming industry. TCIG has already signed a memorandum of understanding with the Bahamas’ Gaming Commission to help them along this route.
And finally, a General Contract Unit to oversee all contracts across Government is also recommended. The Committee was faced with a mountain of unfinished projects where deadlines had passed, in some cases multiple times without completion this group would have “the objective of monitoring capital projects progress.”
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.
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