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COMING SOON: BORROWING TO MODERNISE

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TCI Moves to Tap Capital Markets; Debt Advisor Sought as Government Pushes Ahead with Long-Delayed Fixes

The Turks and Caicos Islands is preparing to step decisively into the capital markets, with the government now moving beyond caution and into action — signaling that borrowing is no longer optional, but necessary to fix what has been left undone for far too long.

In a pre-budget communication delivered  in the House of Assembly just ahead of the Easter holiday weekend, Premier Washington Misick laid the groundwork for what amounts to a major policy shift: the country will use its strong credit position to raise financing and accelerate national development.

“We can’t have a platinum credit card… and have no debt,” the Premier said, pointing to the contradiction of holding an excellent credit rating while critical infrastructure, housing and public systems lag behind growing demand.

While measured in tone, the message was clear — the era of playing it safe is giving way to a more assertive approach, one that leverages financial strength to deliver results.

Crucially, that shift is already underway.

Government has begun the process of identifying a debt advisor, a specialist who will guide the country through borrowing on the capital markets and secure the most favourable terms. The move signals that this is no longer a conceptual discussion, but an active effort to unlock funding for large-scale national projects.

“I would’ve liked to have had a broader consultation but given where we are — and the government’s plan to escalate spending and raise the additional funding needed over the next three years — we had to bring the budget at this time to create the space to begin those negotiations. We have already started the process of recruiting a debt advisor to help structure the arrangements and secure the best possible deals.”

The borrowing is expected to support a range of priority areas, including infrastructure expansion, housing access, digitisation and essential public services — all areas the Premier acknowledged require urgent attention.

“So when we look at the need for infrastructure expansion, the need for digitalisation, including fibre network and the national ID, and when we consider solid waste management and improving access to proper housing, this government is going to the capital market to raise a substantial amount of money. That funding will be allocated across four or five priority areas, which I will outline fully when the budget is presented.”

At the same time, two long-promised institutions — a national credit union and a mortgage corporation — are now moving from concept to execution. According to the Premier’s State of the State Address, the credit union is expected to become operational by October 2026, backed by an initial $20 million, aimed at delivering lower-cost loans and expanding access to financing for working families and small businesses.

The mortgage corporation, meanwhile, has received Cabinet approval, with legislation now advancing — laying the groundwork to expand homeownership and remove long-standing barriers to affordable financing for Turks and Caicos Islanders.

Together, the plan outlines a clear direction:
borrow to build, create access, and close the gaps.

The Premier acknowledged that broader consultation would have been ideal, but made it clear that timing matters — and that the country cannot afford further delay if it is to keep pace with its own growth.

The full scope of the strategy is expected to be outlined in the upcoming budget presentation, but the signal has already been sent — Turks and Caicos is preparing to use its financial strength not just to maintain stability, but to drive transformation.

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

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Government

$94.1Mfor Health; Knowles Pushes to Keep Care at Home

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Turks and Caicos, April 25, 2026 – A major shift in how healthcare is delivered in the Turks and Caicos Islands is at the center of the Government’s latest budget, with a focus on reducing reliance on overseas treatment and strengthening services at home.

Presenting his contribution to the national debate, Kyle Knowles outlined a strategy aimed at building a more sustainable healthcare system—one that allows more residents to access quality care within the country.

The health sector has been allocated $94.1 million, making it one of the largest areas of public spending in the $550.8 million Budget passed on April 23.

Central to the Minister’s approach is a restructuring of the Treatment Abroad Programme (TAP), which has grown significantly in recent years as more patients are sent overseas for specialized care.

The Government now aims to reverse that trend.

“We are reforming healthcare to ensure long-term sustainability,” Knowles indicated, pointing to efforts to strengthen local services and reduce the need for travel.

The strategy includes improving healthcare infrastructure, expanding services available within the islands and increasing efficiency through the digitization of medical records.

Digitization is expected to support better coordination of care, reduce delays and allow for more accurate tracking of patient needs—part of a broader effort to modernize public services.

The Minister emphasized that the goal is not only cost control, but improved access.

“No family should have to leave home to get quality care,” he said, underscoring the Government’s intention to refocus healthcare delivery on local capacity.

The shift comes as rising healthcare costs continue to place pressure on public finances, with overseas treatment representing one of the most expensive components of the system.

By investing more heavily in domestic services, the Government is seeking to reduce that burden while improving outcomes for residents.

While the direction is clear, details on timelines and the pace of expansion for local services were not fully outlined in the presentation.

Still, the emphasis on sustainability, access and modernization signals a strategic pivot in how healthcare is expected to evolve in the Turks and Caicos Islands.

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

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Government

Premier Defends Budget Strategy, Rejects Claims of Inefficiency

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Turks and Caicos, April 25, 2026 – Premier Charles Washington Misick has pushed back against criticism of the Government’s newly passed budget, defending both its direction and execution as deliberate and necessary for national development.

Wrapping up debate on the $550.8 million Budget, passed on April 23, the Premier dismissed concerns raised by the Opposition about inefficiency, rising costs and gaps in delivery, insisting the Government’s approach is measured and focused on long-term growth.

“This budget is about delivering for our people,” Misick said, as he reinforced the administration’s commitment to infrastructure, healthcare expansion and broader economic development.

Opposition Leader Edwin Astwood had earlier challenged the Government’s performance, pointing to unfilled posts, delayed projects and what he described as weak execution despite increasing allocations.

In response, the Premier rejected the notion that the Government is failing to deliver, instead arguing that building national capacity takes time and sustained investment.

He maintained that staffing challenges are being addressed and that improvements across ministries are ongoing, even as demand for public services grows.

The Premier also defended the scale of spending, framing it as a necessary step to support development across the islands, rather than unchecked expansion.

“We are investing in the future of this country,” he said, pointing to continued funding for infrastructure, community development and public services.

On the question of equitable growth, Misick reiterated his administration’s focus on balanced development, including ongoing investments in the Family Islands.

He argued that progress is being made, even if transformation is not occurring as rapidly as some would like.

Throughout his closing remarks, the Premier leaned on the country’s economic fundamentals—highlighting strong cash reserves, stable growth projections and international confidence in the Turks and Caicos Islands’ fiscal management.

While the rebuttal addressed criticism head-on, it did not significantly alter the structure of the budget or introduce major new measures in response to concerns raised during the debate.

Instead, the Government’s position remained consistent: the plan is in place, the investments are targeted, and delivery will continue.

The exchange underscores a clear divide—between an Opposition pressing for faster, more measurable results, and a Government maintaining that its strategy is already on course.

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

PHOTO COURTESY OF THE OFFICE OF THE PREMIER

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Government

Digital Government Push Advances, but Reliability and Security Details Remain Unclear

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Turks and Caicos, April 25, 2026 – There was no mistaking the enthusiasm of the Minister of Finance, Investment and Trade, E. Jay Saunders, as he laid out his vision for a more digitally driven Turks and Caicos Islands—one where services are faster, systems are connected, and doing business is easier.

But within that forward-looking presentation, what remained notably absent were clear timelines and defined measures to ensure data security and system reliability.

“We are moving toward a fully integrated digital government,” Saunders told the House, as he outlined a future where public services are delivered seamlessly through technology.

With responsibility for the country’s economic and digital transformation, Saunders pointed to several areas expected to be reshaped by the rollout of e-government systems, including revenue collection, business licensing, customs processing and access to public services—all designed to reduce delays, improve compliance and streamline transactions.

The vision is one of convenience and efficiency: fewer lines, faster approvals, and systems that communicate across departments rather than operate in silos.

Within the framework of the Government’s $550.8 million Budget, passed on April 23, the digital push is positioned as a key driver of modernization and improved service delivery.

However, for many users, the experience of government systems today remains inconsistent.

Periodic outages, payment disruptions and service downtime continue to affect daily transactions, raising practical concerns about how quickly the country can transition to a fully digital model.

Despite the scale of the ambition, the Minister’s presentation did not directly address how system reliability will be strengthened or how data will be protected as more services move online.

Those elements—uptime, security and resilience—are critical to public confidence, particularly as businesses and residents become increasingly dependent on digital platforms to access government services.

The direction is clear, and the potential impact is significant.

But as the country moves closer to greater digital dependence, the success of that transformation will ultimately rest not just on what is promised—but on whether the systems can be relied upon when they are needed most.

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

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