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A National Credit Union to be established in TCI

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#TurksandCaicos, April 3, 2023 – An initiative which has been talked about by both governments for many years is finally coming to light.   A “National Credit Union”, could this be a potential breakthrough for financial freedom?

At last, residents of TCI will have the opportunity to compete in the rapid development of a booming economy in TCI.

The recent announcement by the minister of finance Hon. Jay Saunders, informed the public that his administration allocated $7M to seed fund a National Credit Union.

This was music to the ear of many business owners and local entrepreneurs who see this as an opportunity to either borrow funds to increase their working capital for needed projects or a jump start to a new business venture.

There are a number of benefits of having a local credit union membership. Unlike banks, credit unions are owned by the members they serve. This means that any profits can be given back to credit union members in the form of lower fees and higher savings rates, etc.

Also, since these are not-for-profit financial institutions, they can focus on providing better services for their member-owners. It also encourages ordinary people to come together for the financial betterment of their communities and their members.

Some of the great benefits are usually,

-Personalized customer service

-Higher interest rates on savings

-Lower fees

-Lower loan rates

-Community focus and a variety of other service offerings

To better understand why some may be head over heels with this announcement, one must understand some of the complexities and challenges that currently exist with banking services in TCI.

In a population of over 45K people, there are only three major community banks. First Caribbean International Bank, RBC Royal Bank and Scotia Bank Turks and Caicos Islands.

Residents in the Grand Turk, are still reeling from the sudden closure of a Scotia bank branch back in 2018. As one of the only two financial institutions that existed in the nation’s capital, this left hundreds of customers including many government employees high and dry.

This decision was not conducive to industrial and economic growth, and was a disservice to residents.

Apart from the inconvenience, I’m afraid to say, whilst offering quality and efficient services may be the goal of CIBC, it is certainly not one of their strengths. With the closure of Scotia bank branch, they missed an opportunity to step up to the plate.

With respect to the Credit Union proposed plan, it’s also important to remind residents there is a significant difference between allocated funds earmarked for a specific purpose, and that initiative ultimately coming to fruition.

A good example of that would be the proposed floating dock for Grand Turk, in which $1M was allocated towards this initiative. As we all know, that project is still looming in the balance.

Outside of government jobs, many residents are depending primarily on a tourism driven economy. We realized during the Covid-19 pandemic, this could be very fickle. With bank loans being tied directly to this arena, it could put lending institutions in a precarious position, which is one of the reasons they are often hesitant to take that risk.

In either case, the establishment of a local credit union is a noteworthy initiative. It will bring together like-minded businesses and influencers in this financial sector. In addition, it will be an added source of funds to help local businesses to not only survive but thrive.

Although I’m very optimistic about the Credit Union prospects, there is no victory lap yet. On the heels of the next election, we will need more then posturing. It needs to be a bipartisan initiative with resolve. This is what I would consider delivering for the people and in their best interest.

 

Ed Forbes,

Concerned citizen of GT

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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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