News
With $343 Million in the Bank, TCI could run 303 Days on Cash Reserves
Deandrea Hamilton
Editor
#TurksandCaicos, December 21, 2023 – The Turks and Caicos Islands has so much money in the bank that it could run for ten months without any new income. It is an enviable position and a curious analogy conjured up by E. Jay Saunders, the Minister of Finance, Investment and Trade.
Saunders is quick to explain, it is the very healthy financial state of the TCI which has bolstered his confidence to
support a cumulative tens of millions of dollars in business write-offs, social help, offsets to inflation, duty exemptions, housing incentives, stimulus payouts, investment inducements and salary and pension increases among other efforts.
In another colossal announcement, the Minister during his second Budget Supplementary for the 2023-2024 fiscal period, last week Wednesday, announced the country has hundreds of millions of dollars in the bank.
“And Mr. Speaker, as of 31st of October 2023, I am happy to say that our cash reserves stood at a robust $343.0 million,” said Saunders in laying the Supplementary Appropriations Bill on December 13.
That figure is over $100 million more than what the minister uncorked in October 2022, when cash reserves stood at $240 million. At the time, the Finance Minister offered that the Turks and Caicos had sufficient funds to more than meet the UK-set benchmark of having 90 days of operational funds in reserves.
On October 6, 2022 during a House of Assembly session to increase budget spending then, the Deputy Premier had said: “That means that if the TCI economy shuts down today, and our government was unable to generate not even $1 or revenue, we could pay all our bills for up to 212 days.
For reference Mr. Speaker, the UK government requires us to keep a minimum of 90 days’ worth of cash reserves, we’re at 212 days! And Mr. Speaker, my long-term goal is to increase this to 365 days. God forbid, if we ever go into another prolonged lockdown again, one thing is for certain, the TCI will not have to, as the saying goes, “beg, borrow, or steal” to pay its bills.”
Now, $103 million richer in its various savings funds and with at least two quarters of “planned deficits” the Turks and Caicos Islands Government has rolled out a slew of big ticket items including an $18.2 million salary increase for the Public Service including executive government officers like the Attorney General, Permanent Secretaries and Deputy Governor, which is a recurrent expense; a roughly $600,000 salary increase for 20 House of Assembly members, also a recurrent expense and now an additional $10.5 million for a variety of projects.
“I rise to Table the same. And I am doing so under the theme: “Delivering on the Citizen’s Contract: Achieving Social, Economic, and Environmental Progress for All.” Mr. Speaker, specifically, we are seeking an additional issuance of funds from the Consolidated Fund, amounting to $5,788,222.23, and from the Development Fund, an amount of $4,765,850. This revision will elevate our total expenditure to $443.4 million thereby increasing our planned deficit to $25.6 million, which will be funded from our cash reserves,” said Deputy Premier, Saunders.
Also fueling Saunders’ confidence is the earnings performance of the Turks and Caicos Islands, and seriousness said the deputy premier to fulfilling Progressive National Party campaign promises.
“Mr. Speaker, at the heart of this Bill lies our government’s commitment to the sustainable development and prosperity of the Turks and Caicos Islands. It is structured to address areas across our government and our islands that require immediate attention and investment, and it reflects our Government’s foresight and responsiveness to the needs of our people and the demands of our growing economy.”
Saunders, later in his presentation explained, “Mr. Speaker, The utilization of our cash reserves for this deficit is a
calculated and responsible decision, considering our reserves stand at a healthy level. As I like to say, this is not by luck, but by design. Mr. Speaker, Our year-to-date aggregate revenue stands at $249.6 million, exceeding our estimates. This performance is mainly attributed to the robust collection of: • import duties, • customs processing fees, and • work permit fees. This is a clear indicator of the robustness of our economy and the effectiveness of our revenue collection mechanisms.”
And yet, the country is still underspending in some critical areas.
“Mr. Speaker, On the expenditure front, we have been prudent and efficient. Our total recurrent expenditures totaled $182.6 million, significantly below our estimates. This underspending is primarily due to vacancies within the Civil Service and lower-than-expected spending on professional and consultancy services.”
That however may change given the raised wages in the public sector, following a Pay and Grading review which has boosted by impressive margins salaries for teachers, health care workers and domestic security personnel.
PRESS RELEASE
FROM THE GRAND BAHAMA PORT AUTHORITY, LIMITED
Tuesday, March 18, 2025 – Grand Bahama, The Bahamas – The Grand Bahama Port Authority (GBPA) is proud to announce the launch of Tech Edge 2.0, a paid remote internship program, connecting eligible Bahamian candidates—both locally and abroad—with global career-building opportunities in the fields of cybersecurity, mobile app development, data science, and artificial intelligence (AI). According to GBPA exe
cutives, this initiative is a significant step in positioning Grand Bahama as a leader in the digital economy while providing Bahamians with valuable experience in high-demand tech fields.
“Tech Edge 2.0 is more than an internship program—it is a pipeline to professional success”, commented Derek Newbold, Chief Investment Officer for GBPA and Invest Grand Bahama. “With nearly 200 Bahamians already registered, including Bahamians residing in Canada, the U.S., the U.K., and across the islands of The Bahamas, this program is bridging the gap between education and employment, equipping participants with job-ready skills and fostering a new generation of innovators ready to contribute to the advancement of technology and innovation in The Bahamas.” Currently, there are 10 internship placements available, with additional spaces being added as more companies join the program. GBPA, through its Tech Edge 2.0 program, has partnered with four leading international technology firms, including Prophaze (California, USA), Cognetik Labs, Cybermindr, and Digital5 Solutions, to provide paid remote internship training and employment opportunities. All are start-up companies and emerging titans across cybersecurity, API security, and AI-driven threat detection fields. They also cover software development, IT infrastructure, and cloud computing.
Pleased with the evolution of the Tech Edge Program, which initially launched in 2023, President of GBPA, Ian Rolle, noted that he is highly optimistic about the program’s success to date and its proven potential to help drive Grand Bahama as the Tech and Innovation Hub of the nation. “These partnerships are unlocking global opportunities for Bahamians and proving that Grand Bahama is serious about technology. Further, it offers Bahamians direct access to the international job market—without having to leave home.” Rolle stated. “This program is about ensuring that our people are equipped with top-tier training to develop the requisite skills and career pathways to thrive in the digital economy,” Rolle continued.
The Tech Edge 2.0 Internship Program is open to eligible Bahamians worldwide who hold a college degree or are currently pursuing one in a technology-related field, have a strong interest in cybersecurity, AI, mobile app development, data science, or IT infrastructure, and are eager to gain real-world experience and work remotely with cutting-edge tech companies.
Ian Rolle
Applications for Tech Edge 2.0 are now open and will close on March 21, 2025. Interested candidates can apply online at www.techedgebahamas.com, where they will find step-by-step guidance on the application process. GBPA’s project coordinator for Tech Edge 2.0, Jecholiah Braynen, described the initiative as a long-term investment in The Bahamas’ tech workforce and economic growth. “Through our partnership with Quess Corp, a multinational business service provider, based in India, GBPA is building the requisite skills within the Bahamian workforce and equipping them with job-ready skills and experience. This program creates opportunities to drive economic growth, establish new career opportunities, and attract tech companies to the Bahamas by creating a sustainable ecosystem where Bahamians can thrive in the tech industry,” she emphasized. “This is just the beginning. As Tech Edge grows, so will the number of available opportunities.”
Bahamians interested in expanding their career opportunities are encouraged to apply today and become part of The Bahamas’ digital transformation.
For more information, visit www.techedgebahamas.com for updates, success stories, and insights into the tech industry.
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