Nassau, Bahamas, May 7, 2025 – The holiday spirit returned in full force this week as three CIBC Caribbean clients walked away with surprise cash prizes at the grand finale of the bank’s Joy of Giving campaign. The event marked the close of a region-wide lending initiative that brought together opportunity, empowerment, and a dash of festive excitement.

In The Bahamas, the energy was high as finalists Inga Satchell, Sherrie Wells, and Athena Simmons on behalf of Alistair Delancey, made their cash prize selections in real time, greeted with applause and emotion from supporters and CIBC Caribbean team members as amounts were revealed.

CIBC Caribbean’s Director of Personal and Business Banking, Gezel Farrington, underscored that the Joy of Giving campaign, launched during the 2024 Christmas season, was more than just a lending drive.

“Joy of Giving was a chance for hundreds of qualifying clients to win big while securing their financial goals. Clients who were successfully approved for mortgages, land loans, auto loans, and personal loans were automatically entered into a sweepstakes for over US$100,000 in total cash prizes across participating countries,” Farrington said.

From each country, three winners were drawn and invited to choose one of three credit card decals at a local branch. Each decal reflected US$1,500, US$2,500, and US$5,000 cash prizes. Both Alistair Delancey and Sherrie Wells won US$1,500.

The Bahamas’ $5,000 winner, Inga Satchell, became an eligible entrant before even knowing about the campaign.

She said, “Honestly, I wasn’t even trying to apply. I just needed some statements in order to apply for a personal loan and my mortgage officer encouraged me to submit my documents. Next thing I know, a few months later, I’m being told I’ve won money.

“Winning was a total surprise. I would’ve been happy with any amount, but I’m definitely grateful to walk away with the top prize.

Inga added, “My overall experience with CIBC has been great. From my mortgage process to credit card experiences, they have kept me informed every step of the way. That level of service really stands out.”

The Joy of Giving campaign successfully paired financial empowerment with a feel-good finish. It reminded all involved that banking can be both meaningful and memorable. Whether getting the keys to a new home, purchasing a first car, or covering important personal expenses, CIBC Caribbean remains committed.

Farrington continued, “As financial advisors, we strive to provide our clients with a service that meets the needs of their demanding lives. We’re here to help them tackle challenges head-on, and our banking solutions are designed to provide the tools and support necessary to make ambitions a reality.”

PHOTO CAPTION:  Standing from left to right are CIBC Caribbean Director of Personal and Business Banking, Gezel Farrington; Joy of Giving winners Sherrie Wells, Inga Satchell and Athena Simmons, and CIBC Caribbean Business Banking Manager, Jamaal Mortimer.

Grand Turk, May 5, 2025 – Premier and Minister of Finance, Hon. Charles Washington Misick, on Monday presented the Turks and Caicos Islands Government’s (TCIG) 2025–2026 Estimates of Revenue and Expenditure, unveiling a $540 million budget centred on human capital, national security, and sustainable development.

Addressing the House of Assembly at the first sitting of the fifth meeting of the 13th Legislature, Premier Misick described the budget as a “mission-driven” blueprint for delivering a higher quality of life in an increasingly volatile global environment.

“This government remains committed to giving our people the best quality of life possible,” Misick said. “We are doing so while navigating global challenges with fiscal prudence, and without imposing major new taxes.”

The budget reflects a 3% increase over the 2024–2025 unaudited outturn. It features recurrent expenditure of $471 million, capital expenditure of $63.9 million, and non-recurrent expenditure of $4.9 million. With aggregate revenue projected at $549.4 million, the government expects an operating surplus of $9.3 million.

Key Priorities and Allocations

Premier Misick outlined nine strategic focus areas, including affordable living, public sector transformation, population policy, and critical infrastructure redevelopment.

The largest share of funds, $105.6 million, has been allocated to Health and Human Services, covering the National Health Insurance Plan (NHIP), hospital maintenance, and expanded dental services. Education follows with $64.4 million, supporting learning across all levels and recreational development.

Security is also a major focus. The Royal Turks and Caicos Islands Police Force will receive $42.6 million, enabling the addition of 76 new positions and restructuring its operations into five core programmes to improve accountability and performance. The National Security Secretariat is allocated $12.6 million.

Staff costs amount to $171.4 million, driven by 189 new roles across national security, health, and infrastructure. These include new police officers, military personnel, prison staff, engineers, and dental assistants.

Capital Investment and Economic Development

The $63.9 million capital budget is geared toward infrastructure, healthcare, education, and transportation upgrades. Premier Misick emphasized that these investments are critical for job creation and economic resilience.

Notable capital projects include community enhancement programs, development fund implementation, and transportation upgrades across the islands.

Support for economic development is also evident, with the Ministry of Finance receiving $28.7 million. This includes funding for digitising border control, reforming Crown land management, and modernising public financial systems in line with International Public Sector Accounting Standards (IPSAS).

Revenue Measures and Fiscal Strategy

While no major new taxes are proposed, the government will introduce limited revenue measures, including an import licence for tobacco and alcohol and higher motor vehicle licence fees. These are intended to enhance domestic revenue without burdening citizens.

“We must keep our options open to adjust and respond as the future unfolds,” Misick stated, signalling potential future fiscal reforms aimed at strengthening compliance and revenue mobilisation.

A Call for Unity and Progress

Closing his address, Premier Misick thanked public servants, partners, and citizens for their contributions to the budget process. “Let us work together in the interest of our people,” he urged. “May God bless this House, our families, and continue to be gracious to the Turks and Caicos Islands.

Deandrea Hamilton

Editor

Turks and Caicos, May 2, 2025 – In a major diplomatic victory, CARICOM member states, including Barbados, have successfully negotiated an exemption from newly proposed U.S. tariffs that threatened to disrupt vital shipping routes and drive up the cost of living across the Caribbean.

The breakthrough comes after weeks of coordinated lobbying by regional governments, private sector stakeholders, and shipping companies, following the Trump administration’s plan to impose multimillion-dollar port fees on vessels made in China — the type commonly used to service Caribbean trade routes.

Prime Minister Mia Amor Mottley, who currently chairs CARICOM, confirmed that the U.S. Trade Representative (USTR) has granted the region an exemption from the tariffs. The move spares CARICOM nations from what many feared would have been a crippling blow to regional economies already grappling with global supply chain challenges.

“This is testimony to what we can achieve when we work together,” said Mottley. “The impact of these fees would have driven up the cost of living and hindered access to essential goods. By speaking with one voice — governments, business leaders, and labor across our countries — we have protected the interests of our people.”

The U.S. had earlier announced a 10% reciprocal tariff on exports from several Caribbean nations, including The Bahamas, Jamaica, Trinidad and Tobago, Haiti, and others. This was part of a broader policy shift under President Trump aimed at countering what Washington considers unbalanced trade practices by applying equal tariffs to countries that levy duties on American goods.

However, the newly proposed port fees on Chinese-built ships were viewed as disproportionately harmful to the Caribbean, where such vessels are essential to maintaining trade links. According to Gervase Warner, chairman of the CARICOM Private Sector Organisation (CPSO), these fees — exceeding US$1 million per U.S. port call — would have increased shipping costs significantly and caused inflation, shortages, and logistical delays.

Warner praised Mottley’s leadership and credited the collective regional response for swaying U.S. decision-makers. “We are grateful that the USTR recognized the devastating impact this would have had and acted accordingly,” he said.

The exemption highlights the power of unified regional diplomacy and underscores the importance of sustained engagement with major international partners.

“This success,” Mottley said, “goes beyond the immediate moment. It stands as a call to deepen our cooperation and defend our region’s interests, now and in the future.”