Finance

In this week’s "Your Money Matters" column, investment professional Brenesha Cox-Lightbourne advises residents to exercise extreme caution when taking on personal debt. She emphasizes that while borrowing can be a useful tool for long-term investments like property or education, high-interest loans and credit card usage often carry hidden costs that can impact household finances for years. Cox-Lightbourne distinguishes between "good debt," which supports assets that hold or grow value, and "bad debt," often incurred through impulse purchases or high-interest payday loans. She highlights the deceptive nature of minimum credit card payments, noting that a $2,000 balance at 20 percent interest could take over five and a half years to clear, costing more than $1,300 in interest alone. She warns that lenders often utilize complex fine print, and urges borrowers to demand written repayment schedules and clarification on fees before signing any agreements. To protect personal financial stability, the author recommends always paying credit card balances in full whenever possible and being entirely honest with lenders about income and expenses. She concludes that the most effective way to manage debt is to avoid borrowing funds that cannot be comfortably repaid, suggesting that residents should always ask one additional question before committing to any financial obligation.

The People’s Democratic Movement (PDM) has requested an independent investigation into the procurement and cost of two new police patrol vessels recently commissioned in the Turks and Caicos Islands. Opposition leader Edwin Astwood is demanding financial transparency regarding the US$3.09 million total expenditure for the marine assets. Leader of the Opposition Edwin Astwood argues that while his party supports strengthening the Royal Turks and Caicos Islands Police Force (RTCIPF) Marine Branch, the public requires a detailed accounting of the transaction. The PDM notes that a July 2023 United States government procurement schedule lists similar vessel models at lower prices, though they acknowledge that propulsion and custom options add costs. The Opposition is calling for the Auditor General to lead an independent procurement and value-for-money examination, supported by an independent marine surveyor, to determine if the government received fair value. The PDM is also demanding confirmation that the vessels have passed required sea trials and that trained crews and maintenance funding are in place. Astwood has issued a seven-day deadline for the administration to provide these answers and explain any outstanding work. The party insists that if the expenditure is justified and the boats are operational, the evidence must be published to demonstrate readiness for patrol duties.

Governor Dileeni Daniel-Selvaratnam told Parliament on September 8, 2026 that the Turks and Caicos Islands' $350 million borrowing plan will face public oversight, as the territory departs from 13 years of debt-free status to fund infrastructure. The money will go to healthcare sustainability, affordable housing and serviced land, roads and resilience, waste management and public accommodation, while operational spending stays balanced and separate from capital financing. Premier and Minister for Finance, Economic Development, Investment and Trade Charles Washington Misick said the territory holds an A- sovereign credit rating with a positive outlook, no public debt and roughly US$430 million in cash reserves, about 23% of GDP as of mid-2025. "Borrowing will only be used for capital transformation," the Governor said. Next, the debt adviser's terms return to Cabinet. Governor Daniel-Selvaratnam said borrowing must remain affordable, stay within projected surpluses, preserve strong cash balances and prudent debt-service ratios, and sit within local statutory ceilings and the UK's fiscal framework. Premier Misick first set out the borrowing plan in the US$550 million Budget for the 2026/2027 financial year on April 2, 2026.

Minister of Physical Planning and Infrastructure Development Arlington Musgrove defended the government's road building programme and an approximately $100 million borrowing plan in the Turks and Caicos Islands Assembly on September 14, after an opposition broadside that followed the governor's Speech to the Throne. $6 million was set aside for community works, and the minister listed $18 million for Grand Turk, $14 million for South Caicos, $12 million for North Caicos and $6 million for Salt Cay. He cited new roads and solar lighting in Whitby and work in The Bight, Industrial Drive, Cooper Jack, Long Bay, Old Airport Road and Kew Town. "Every dollar of this $100 million will go toward assets that outlive the loan that was paid for them," he said. The borrowing is earmarked for road and drainage works, port and airport capacity, serviced land for housing and coastal resilience, tied to Cabinet oversight and public reporting. Musgrove gave no costs, completion dates or performance standards for the works, or for airport work at Howard Hamilton International Airport. He said every project he described is already funded, scoped and underway — an assertion likely to face intense scrutiny as the borrowing and road programme advance.

The Turks and Caicos Islands Government is moving away from its long-running InterHealth Canada hospital contract, setting up a joint transition committee to manage the handover while promising patient care will not be interrupted. Governor Dileeni Daniel-Selvaratnam read the plan in Parliament on September 8, 2026. InterHealth Canada has operated the Cheshire Hall Medical Centre in Providenciales and the Cockburn Town Medical Centre in Grand Turk since 2010 under a 25-year public-private partnership, with about $124 million in financing arranged for the project. The Times reported InterHealth moved to terminate the agreement in July after alleging it had not been paid for 18 months, with disputed invoices exceeding $9.3 million. Healthcare accounts for $94.1 million of this financial year's budget. "Access is a right, but without sustainability it is threatened," the Government said. Under the reforms, a Health Services Authority will oversee primary, secondary and some tertiary care, and the Health Regulations Authority, Health Professionals Authority and Migrant Health are expected to merge into one regulator. Government-funded overseas treatment will be restricted to Turks and Caicos Islanders and British Overseas Territories citizens residing in the territory; other residents must arrange private cover for overseas care, though previously approved cases are protected.

Economic output in the Turks and Caicos Islands is expected to reach roughly $1.8 billion in 2026, growth of about 2.5 per cent — a more modest expansion than the Government anticipated at the start of the year. Governor Dileeni Daniel-Selvaratnam read the 2026–2027 Speech from the Throne in Parliament on September 8, 2026, for the Turks and Caicos Islands Government. The Statistics Authority forecasts unemployment below 4.5 per cent. Between January and July the territory welcomed more than 450,165 stayover visitors, up about 5.4 per cent on 2025 — slower than the post-pandemic recovery, the Government said. Parliament approved a balanced budget with projected revenue of $551.1 million and expenditure of $550.8 million. Recurrent revenue at the end of July was $195.5 million, one per cent above target, and the operating surplus about $43.5 million. A Drag-Net Task Force on Revenue Collection and Compliance is expected to pursue unpaid obligations, and the Government is considering a Revenue Authority to consolidate revenue-collecting departments. The Cost-of-Living Relief Programme continues with tighter means-testing; by August 5 more than 15,000 applications had been processed and over 10,600 applicants declared eligible. Monthly monitoring of essential food prices will continue.