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With $343 Million in the Bank, TCI could run 303 Days on Cash Reserves

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Deandrea Hamilton

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#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.

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Beaches Turks and Caicos loyal guests celebrate Welcome Home Week 2026  

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Beaches Turks and Caicos resort General Manager Deryk Meany shares with the loyal return guests at the Welcome Home Cocktail reception at the Treasure Beach beach

PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos recently transformed into a massive reunion hub, rolling out the red carpet to celebrate its highly anticipated Welcome Home Week 2026. Held recently, the spectacular five-day event saw more than 2,000 loyal repeat guests return to the pristine shores of Providenciales. For these returning vacationers, it was not just another vacation but a heartfelt homecoming filled with exclusive events, community giving and unforgettable island entertainment.

Welcome Home Week is a staple tradition for the resort, designed specifically to honour and pamper guests who make Sandals and Beaches resorts their preferred vacation destination year after year. This year’s iteration proved to be an extraordinary showcase of hospitality, packed with a wide range of activities tailored specifically to celebrate the resort’s extended family of loyal visitors.

The festivities kicked off with a lavish welcome reception, setting a warm and inviting tone for the days ahead. Guests reconnected with favourite team members and mingled with fellow returning visitors while enjoying signature cocktails and local culinary delights. The momentum continued to build throughout the week with a vibrant line-up of daytime events. A breathtaking catamaran cruise allowed guests to soak in the famous turquoise waters, while the highly competitive yet hilarious pool olympics brought out the playful spirit of attendees of all ages.

Beyond the poolside fun and ocean adventures, the week featured moments of meaningful connection and community impact. Guests enthusiastically participated in the Sandals Foundation’s “Pack for a Purpose” initiative, bringing much-needed school supplies and resources to support local educational programmes in the Turks and Caicos community. This philanthropic effort was beautifully paired with a relaxed sip and paint session, where guests could unleash their inner artists while enjoying fine wines.

General Manager Deryk Meany was thrilled with the turnout and the vibrant energy that filled the property. He noted that this year’s celebration stood out as one of the most successful Welcome Home Weeks the resort has ever hosted. According to Meany, a major highlight that elevated the 2026 festivities was the introduction of the Treasure Beach Village experience. This new addition provided an immersive, localized atmosphere that gave returning guests fresh memories to take home, proving the resort always has something new to offer.

Orchestrating an event of this magnitude requires seamless coordination, and the resort’s dedicated staff delivered on all fronts. Samantha Bartholomew-Roberts, the loyalty and travel manager, expressed immense pride in her department. She was visibly excited about the incredible work her team achieved, noting that celebrating with loyal guests is one of the most rewarding aspects of their roles. Her team worked tirelessly behind the scenes to ensure every detail was perfect, from the personalized room greetings to the execution of the massive group activities.

The unforgettable week was perfectly capped off with an entertainment-packed farewell dinner. Under the Caribbean stars, the returning guests were treated to spectacular live performances, gourmet dining, and a final toast to the memories made. As the 2026 Welcome Home Week came to a close, it was clear that the bond between Beaches Turks and Caicos and its loyal guests remains stronger than ever.

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Caribbean News

Browne Wins Fourth Term in Antigua & Barbuda Landslide

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Antigua & Barbuda, May 4, 2026 – Prime Minister Gaston Browne has secured a historic fourth consecutive term in office, leading the Antigua and Barbuda Labour Party to a commanding victory in the country’s snap general election held April 30, 2026.

Preliminary results show Browne’s party capturing 15 of the 17 seats in Parliament, tightening its grip on power and dramatically weakening the opposition.

The main opposition United Progressive Party was reduced to just one seat, held by its leader, while the Barbuda People’s Movement retained its single constituency in Barbuda.

The result marks a major political turnaround for Browne, whose party had won a much narrower 9–7 majority in the 2023 election before rebuilding support through defections and by-elections.

Voter turnout figures vary in early reports, with initial estimates indicating participation of around 35.8 percent, or roughly 22,700 voters out of more than 63,000 registered. However, broader election data suggests overall turnout may have exceeded 60 percent, reflecting steady engagement despite political tensions.

The election, called nearly two years ahead of schedule, was shaped by concerns over the cost of living, global economic pressures and fallout from U.S. visa restrictions linked to the country’s citizenship-by-investment programme.

Despite those issues, Browne campaigned on economic stability and continued development, pointing to a strong tourism recovery and ongoing infrastructure expansion.

The decisive victory now strengthens his mandate, but also raises questions about the future of the opposition, which faces internal challenges after significant losses at the polls.

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

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Power Bills Shift As Fuel Costs Fluctuate Across TCI

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Turks and Caicos, May 4, 2026 – Electricity costs in the Turks and Caicos Islands are seeing modest adjustments this month, reflecting ongoing shifts in global fuel prices and their direct impact on what residents pay at the meter.

According to Pelican Energy TCI’s April 2026 fuel factor update, customers in Providenciales, North Caicos and Middle Caicos will benefit from a 2.5 percent decrease, bringing the rate down to $0.1616 per kilowatt hour. The change offers slight relief for households and businesses already grappling with high living costs.

However, the picture is not uniform across the islands.

In Grand Turk and Salt Cay, fuel factor rates have edged up by 0.6 percent, now sitting at $0.1578 per kilowatt hour, while the rate for South Caicos is still pending. Last month, South Caicos recorded a decrease, with the rate falling to $0.1714 per kilowatt hour, one of the highest across the islands.

The fuel factor is a key component of electricity bills, rising and falling in line with international oil prices. As a result, even small shifts in the global energy market can ripple quickly into local utility costs.

The Government’s Department of Trade, Industry and Fair Competition (DTIFC), in its April 16 fuel price report, said it continues to monitor fuel pricing trends as part of its mandate to protect consumers and ensure transparency in the market. The report is designed to give residents a clearer understanding of how fuel costs are determined and how they may change over time.

Regionally and globally, fuel prices remain volatile.

Oil markets have been influenced in recent months by geopolitical tensions in the Middle East, production decisions by major oil-producing nations, and fluctuating demand as economies adjust to post-pandemic realities. While some Caribbean countries have reported slight easing at the pumps, others continue to see elevated prices compared to pre-2020 levels.

For Turks and Caicos, where electricity generation relies heavily on imported fuel, the link is direct and unavoidable.

Consumers are therefore likely to continue experiencing incremental changes rather than dramatic swings, with monthly adjustments reflecting the unpredictable nature of the global energy market.

For now, the slight decrease in key population centres may offer temporary relief—but the broader trend suggests that energy costs will remain a closely watched issue for both households and policymakers.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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