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TCI Gov’t Announces $10.5 million debt write-off

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Dana Malcolm 

Staff Writer 

 

#TurksandCaicos, September 19, 2023 – Over 170 Turks and Caicos Islands families have been relieved of a collective $10.5 million debt stemming from decades-old TC Invest Loans.

There was an air of jubilation and support from members in the House of Assembly when the motion to write off the massive mortgage debts was moved by E Jay Saunders, Minister of Finance and Deputy Premier, on September 14th.

The motion laid out that with residents struggling under the weight of high cost of living the government had decided to strike the loans from the books completely.

“This motion is our chance, as policymakers, to create a future (a brighter future) for 176 Turks & Caicos Islander families—-we are not just providing financial relief; but we are also restoring dignity, rekindling their hope, and in so doing, reaffirming our commitment to the well-being of our people and ensuring that they can live their best lives,” Saunders said.

The money had been loaned to residents over decades beginning in 1997 by the now-defunct TC Invest. When the government-controlled investment company went belly up in 2012 and the British stepped in to lead the Turks and Caicos, a total of $17 million was owed on the loans.

The government sold the non-performing loans (the loans with irregular payments) in the portfolio to TOLCO who got to keep 60 percent of any payments made while TCIG kept 40 percent and the performing loans. Five years later, the agreement ended and the entire loan portfolio was back under the control of TCIG.

This meant the government was owed the initial payments plus interest. But residents still couldn’t afford to pay, and thus began a series of write-offs to ease the burden.

  • In March 2020 the government wrote off all the interest that had built up on the loans, just over $8 million
  • From April  2020 to September 2020 the government froze interest in the loans to try to get residents to pay them off. It didn’t work.
  • When that freeze ended interest built up again and again went unpaid, the government wrote it off again in January 2023, a sum of $1.8 million. They then issued another interest freeze and even tried to lower the interest rate but residents still aren’t making any payments.

In recognition that the debt was unbearable for the loan holders, the government decided to forgive the sum in its entirety.

This is no different than what has been done on many occasions for large companies that find themselves in debt. Saunders revealed that residents struggling with the payments had even written in to ask that it be forgiven.

At the passing of the motion, some members called for celebration be it coffee, chocolate, or champagne.

The hope from TCIG now is that residents will be able to own these lands and homes outright.

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Sandals Foundation Reading Road Trip with Canadian Broadcasters Creates Cultural Mix at Enid Capron Primary School

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Canadian broadcasters share a Password to Paradise moment with the Enid Capron Primary school administrators and Sandals Foundation Ambassadors during a recent Reading Road Trip experience to the school

Turks and Caicos Islands – Beaches Turks and Caicos and the Sandals Foundation recently teamed up with Canadian broadcasters and their families to deliver a memorable Reading Road Trip experience at Enid Capron Primary School in Five Cays, Providenciales. The visit blended literacy support with cultural exchange, giving students rare one-on-one time with international media personalities while nurturing a love for reading.

Enid Capron Primary is one of the Sandals Foundation’s adopted schools in Turks and Caicos and has benefited for years from infrastructural upgrades, learning resources, and recurring volunteer initiatives. The Reading Road Trip programme, a flagship “voluntourism” excursion, invites resort guests to step into local classrooms to read with students, support literacy, and donate books and supplies. The recent installment, featuring Canadian radio and television personalities brought added energy and global visibility to the school community.

Broadcasters and their families boarded the same style of school buses local children use, reinforcing the programme’s emphasis on authenticity and genuine community connection. Once on campus, they were guided into classrooms of early-grade students, where storybooks opened for small-group reading sessions, questions, and lively discussions.

“The Reading Road Trip model centres on interaction rather than performance, and the presence of Canadian broadcasters made that interaction especially dynamic,” says Orville Morgan, Public Relations Manager Beaches Turks and Caicos resort. “Accustomed to connecting with audiences through microphones and cameras, these media professionals instead found themselves sitting shoulder-to-shoulder with children, helping them sound out words, explore new vocabulary, and build confidence in reading aloud. It was a memorable experience.”

The day also provided a cultural exchange as students asked questions about life in Canada, snow, and what it is like to work on radio or television. Broadcasters and their children also learned about local customs, school life in Providenciales, and the importance of education on an island where tourism remains the primary industry. Songs, and impromptu show-and-tell moments helped bridge the geographic gap, turning the classroom into a space of shared curiosity.

Vice Principal Nelene Swann expressed her satisfaction with the day’s activities, noting that the format allowed students to deeply connect with the visiting broadcasters in a meaningful way. “This kind of individual attention—whether through reading a single page together or answering a child’s question about a story—can significantly boost a student’s motivation to learn.” Swann added, “one central goal of the Reading Road Trip is pairing academic support with human connection so that children feel seen, heard, and valued in their learning environment.”

For the Canadian broadcasters and their families, the experience added depth to their holiday, offering a hands-on way to give back while learning about the island from the perspective of its youngest residents. Many volunteers who participate in Reading Road Trips report that they would “do it again in a heartbeat,” citing the joy of connecting with children and seeing firsthand how donated books and simple classroom interactions can make a tangible difference. As the group waved goodbye and boarded the bus back to the resort, they left behind not only books and school supplies, but also an impression of global friendship that students and educators at Enid Capron Primary are likely to remember long after the stories read that day have been returned to the shelf.

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Insert: A team of Canadian broadcasters share a group photograph with students at the Enid Capron Primary school during a recent Reading Road Trip to the institution

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Commonwealth Day: King calls for “Restored Harmony” as World Marks 80 Years Since WWII

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The world must work to restore harmony in a time of growing division, according to His Majesty King Charles III, who used his Commonwealth Day message to reflect on global conflict, shared sacrifice, and the enduring role of the Commonwealth in bringing nations together.

In his address as Head of the Commonwealth, the King said the association of nations remains one of the few places where countries of different sizes, cultures and histories can meet as equals.

“In these uncertain times, where it is all too easy to believe that our differences are problems instead of a source of strength… the Commonwealth’s remarkable collection of nations and peoples come together in the spirit of support and, crucially, friendship,” the King said.

This year’s observance carries special significance, marking the 80th anniversary of the end of World War II, a conflict in which more than one-and-a-half million men and women from across the Commonwealth served alongside the United Kingdom and its allies.

“On this special anniversary, we remember with particular pride and everlasting gratitude the untold sacrifice and selflessness of so many from around our Family of Nations who gave their lives in that dreadful conflict,” the King said.

Among those who served were thousands from the Caribbean, including volunteers from The Bahamas, Jamaica, Trinidad and Tobago, Barbados and other British West Indian territories. Historians estimate that around 20,000 Caribbean men and women joined the war effort, serving in the Royal Air Force, the Caribbean Regiment, the Merchant Navy and support units across Europe, Africa and the Middle East.

Their contribution, often overlooked in the wider history of the war, formed part of the Commonwealth effort that helped secure victory in 1945.

The King said the shared history of sacrifice remains a reminder of what can be achieved when nations work together, and warned that the same spirit is needed today as the world faces new pressures.

Leaders of Commonwealth countries, he noted, recently reaffirmed their commitment to cooperation on peace, human rights and the protection of the natural world, issues he said are critical to the future of younger generations.

“As we mark this Commonwealth Day together, there is no more important task than to restore the disrupted harmony of our entire planet,” the King said.

He added that the Commonwealth’s continued work toward cooperation and understanding will be essential in protecting the future of its people, particularly at a time when global tensions, environmental threats and economic uncertainty are again testing international unity.

For many across the Caribbean, the message also serves as a reminder that the region’s history is closely tied to that wider Commonwealth story — from the battlefields of World War II to the modern challenges of building peace, stability and opportunity in an uncertain world.

 

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Widow’s Testimony Recounts Night Haiti President Was Killed

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MIAMI, Florida — Emotional testimony from Martine Moïse, the widow of assassinated Haitian President Jovenel Moïse, has given jurors in a U.S. federal courtroom a chilling account of the night gunmen stormed the presidential residence and killed the country’s leader.

Martine Moïse took the stand this week in Miami as part of the ongoing trial of several men accused of helping plan and finance the July 7, 2021 assassination, a crime that plunged Haiti into political crisis and remains only partially solved.

She told the court that armed men forced their way into the president’s private home in the hills above Port-au-Prince during the early morning hours, firing multiple shots at her husband while she lay beside him. She testified that she was also wounded in the attack and survived by pretending to be dead until the gunmen left the room.

According to prosecutors, the plot involved a group of foreign mercenaries, including former Colombian soldiers, along with Haitian and Haitian-American suspects. Investigators say some of the men believed the mission was to detain the president, but the operation turned into an assassination.

The Miami trial is focusing on the alleged role of South Florida businessmen and others accused of organizing or financing the plan, part of a wider international investigation that has stretched across several countries.

More than four years after the killing, the question of who ultimately ordered the assassination remains unanswered, with suspects still in custody in both Haiti and the United States as the case continues to unfold.

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

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