News
TCI Records First Quarter of Negative Growth Throne Speech reveals
By Deandrea Hamilton
Editor
#TurksandCaicos, September 15, 2023 – The Turks and Caicos Islands economic hot streak is cooling; within the Throne Speech of September 14 it was explained that the Washington Misick Administration is monitoring the global economy for any trends which may offset the TCI’s fiscal buoyancy after recording negative growth in the first fiscal quarter of 2023-2024.
“My government will continue to watch the world economy and adjust as we see fit to ensure that our people are protected and have a chance for the best outcomes. The global economic contraction is cause for concern. For the first quarter, the TCI revenues were $109.8 million. That is $3.7 million or 3% below estimates.”
The decrease in government income follows two consecutive periods of banner performances in tourism and real
estate.
In delivering the message penned by Hon C. Washington, Misick, the Premier of the Turks and Caicos Islands in the Throne Speech, the governor, on his behalf said: “Mr Speaker! The 2022/23 Financial Year was challenging for my government and the people of these islands, but through the mercies of God, we finished the year with much to celebrate and much to be thankful for.
Mr. Speaker! While the TCI’s economic prospects are tied to the rest of the world, this little country is doing far better than many larger economies.
The economy has recovered fully from the downturn caused by the COVID-19 pandemic and over the last two and a half years has seen consistent growth,” said H.E. Daleeni Daniel-Selveratnam, Governor of the Turks and Caicos Islands.
The IMF has warned that the global economy is poised to slow. Already, Canada is reporting that it has had a first quarter of negative growth. Now, the Turks and Caicos is revealing the same.
“As we enter this legislative year, we must be mindful that as a tourist-dependent economy, we will remain vulnerable to global economic conditions.
That is why my government is striving to build an economy that has a strong foundation, is sustainable, diversified and above all gives every islander and resident an equal opportunity to create the best life for their families.”
The government explained in that parliamentary speech that while there have been pioneering strides in devising savings’ plans, managing debt, decreasing unemployment and raising salaries, according to the Speech, the Turks and Caicos is not absolved from external shocks.
“The Russia-Ukraine war continues to have a negative impact on us. Over the last year, we have seen the cost of fuel and food increase significantly.
My government is mindful of the hardships that many families are facing. As we have done over the last two and a half years, we will continue to find ways to ease the burdens.”
Governor Daniel-Selveratnam, on behalf of the PNP Administration shared that spending will not be paused on previously touted Government initiatives. In fact, it was announced that crowd Funds and Programs are advancing.
“The National Wealth Fund stands at $50.8 million. This is a testament to our journey toward posterity. It is a testament to an economy built to withstand external shocks and has the ability to bounce back quickly after a catastrophic event or natural disaster. The fund is valued at about 4% of the Gross Domestic Product (GDP). It is distributed in four specific ways:
- The Stabilisation Fund has the lion’s share with $30.7million
- The Infrastructure and Competitiveness Fund has $8.8 million
- The Heritage Fund has $4.3 million and
- Citizen’s Empowerment Fund $7 million. The first project of the Citizen’s Empowerment Fund is the creation of the National Credit Union to benefit all status holders and British Overseas Territories Citizens (BOTCs) who live in the TCI. I am happy to report that this is well underway.”
The Speech reflected on raised salaries for the Public Sector, establishment of an e-system to support a government worker pension fund and $1 Million invested in a reverse osmosis system for the once beleaguered facility in Grand Turk.
However, in addition to earnings being down for the first quarter, government spending dropped significantly.
“Total Expenditure was $20.9 million below estimates. These results are for the 1st quarter only and could change.”
The Turks and Caicos is courting investments and in the Throne Speech, the nation learned of infrastructural projects which have the potential to boost earnings for the country, however, at no point in the presentation was the topic of economic diversification broached; no mention of new earnings streams and no mention of the current number two and three industries: Financial Services and Agriculture adn Fisheries.
The absence of potential remedies to the heavy reliance of Turks and Caicos on Tourism, raises questions about how the government plans to broaden the recurrent revenue stream or weather a possible global recession.
The Throne Speech was delivered to a packed galley on Thursday September 15, 2023 at the House of Assembly in Grand Turk. It was the first Throne Speech for Her Excellency Daleeni Daniel-Selveratnam as the newest governor of the Turks and Caicos Islands.
Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.
Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The
development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.
Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.
Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.
Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.
Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.
The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.
Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of
IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”
He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”
Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”
The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion
Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.
#TurksandCaicos, May 13, 2024 – Detectives of the Serious Crime Unit of the Royal Turks and Caicos Islands Police Force have
charged a man who allegedly stole a vehicle.
The accused, DANVANTE BRISCO, 30, of Kew Town, Providenciales, was charged with:
- One Count: Robbery
- One Count: Taking Motor Vehicle Without Authority
- One Count: Using Offensive Weapon to cause fear
Mr. BRISCO appeared in court today (May 13 ) and was granted bail of $7500.00 with one surety.
The matter was adjourned to July 05 for a Sufficiency Hearing.
#TurksandCaicos, May 13, 2024 – A 20-year-old Dock Yard male appeared in court today (May 13th) charged with a series of firearm-related offences.
The accused, JAMES SIMON, was denied bail and remanded into custody pending a Sufficiency Hearing scheduled for July 05th, 2024.
Mr. SIMON faces the following charges:
- One Count: Robbery;
- One Count: Gang Membership
- One Count: Possession of a Firearm for the Benefit of a Gang
- One Count: Possession of Ammunition for the Benefit of a Gang.
The charges against Mr. Simon followed investigations by officers of the Royal Turks and Caicos Islands Police Force into a robbery at the parking lot of a Casino where three males robbed a victim.
Additionally, Mr. Simon is charged with the following offences, having been arrested on May 02nd, 2024, along South Dock Road.
- One Count: Possession of a Firearm
- One Count: Possession of Ammunition
- One Count: Unlawful Entry
Officers also charged a teenage minor who was in the company of Mr. Simon on May 02nd with One Count of UNLAWFUL ENTRY.
The accused, seventeen and from Kew Town, Providenciales, pleaded guilty and will be sentenced on May 20th.
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