Borrowing Without Vision Is Not Development - TCI Deserve Ownership, Transparency, and Smart Financing

The Turks and Caicos Islands is being asked to accept one of the largest borrowing exercises in our history—$370.4 million in new debt—at the same time the government has committed to a $400 million airport redevelopment that will not involve borrowing, public share offerings, or citizen participation.

Photo Courtesy: Outlook Travel

This represents a profound shift in how national development will be financed, who will bear the risks, and who will benefit from the returns. Yet the public has been given little more than broad categories and aspirational language about “balancing immediate needs with long-term sustainability,” without the detailed explanations that such a major financial commitment requires.

This is not a rejection of development. It is a call for development that is grounded in ownership, transparency, and financial intelligence—principles that strengthen nations rather than burden them.

Why Borrowing Demands Clarity, Not Generalities

The government has stated that the borrowing will support infrastructure, digitization, housing, healthcare, education, and other “critical development needs.” These categories are so expansive that they could encompass almost anything, and without specificity, the public cannot meaningfully evaluate the necessity, value, or long-term impact of the proposed spending. If the government intends to borrow in the name of the people, then the people deserve a clear, accessible, and complete explanation of what they are being asked to finance.

To move toward genuine transparency, the public should expect:

• A detailed project list that identifies each initiative, its cost, its timeline, and its expected outcomes, so that citizens can understand exactly what the borrowing will fund and how it will improve their lives.

• A full debt sustainability analysis that outlines how this borrowing will affect national finances over the next decade, including debt‑to‑GDP projections, interest obligations, and the government’s capacity to absorb economic shocks.

• A public consultation process, including town halls and published reports, that allows Turks Islanders to ask questions, express concerns, and help shape the priorities that will define the country’s future.

Without these elements, the borrowing plan remains a list of intentions rather than a coherent national strategy.

The Airport Paradox: The Most Bankable Asset Is the One Excluded From Smart Financing

The decision not to borrow for the $400 million airport redevelopment, and not to pursue a public–private partnership or a public share offering, is particularly difficult to reconcile with the government’s willingness to borrow heavily for less financially secure projects. Airports are among the most attractive assets for private investment because they generate predictable revenue through landing fees, passenger charges, concessions, and long-term leases. They are also ideal vehicles for citizen ownership, allowing Turks Islanders to invest directly in a national asset and benefit from its long-term profitability.

Instead, the public is being asked to shoulder debt for projects that may not generate direct financial returns, while the most profitable project is being kept entirely out of the public’s reach. This is not a question of ideology; it is a question of financial logic and fairness.

Debt Requires a Revenue Engine, Not Aspirational Language

The government has suggested that the new borrowing will be repaid through “improved compliance and economic expansion.” These phrases sound reassuring, but without a clear plan, they amount to little more than optimistic assumptions. Improved compliance requires a modern revenue authority with the technology, staffing, and enforcement capacity to ensure that taxes, duties, and fees are collected consistently and fairly. Economic expansion requires targeted investment in sectors that can actually grow, supported by policies that reduce bottlenecks and encourage innovation.

To make these claims credible, the government should present:

• A comprehensive compliance strategy, including new systems, staffing, and enforcement mechanisms, that demonstrates how revenue collection will improve in measurable ways.

• A sector‑specific economic plan that identifies which industries will drive growth, how they will be supported, and what returns the country can expect over time.

• Clear performance indicators that allow the public to track whether the promised improvements are materializing or whether the country is simply accumulating debt without strengthening its economic foundation.

Borrowing is not inherently irresponsible, but borrowing without a revenue engine is.

There Are Smarter, More Inclusive Ways to Finance Development

Turks and Caicos has the opportunity to adopt financing models that reduce sovereign debt, increase transparency, and give citizens a direct stake in national progress. These alternatives are not theoretical—they are used successfully around the world, especially in small island economies.

• Public Participation Companies, which allow major projects to be structured with professional partners while offering shares to Turks Islanders, ensuring that national development also builds national wealth.

• Turks Islander Bonds, which give citizens a safe, government‑backed investment option and keep interest payments within the country rather than sending them overseas.

• Public–Private Partnerships (PPPs) for infrastructure such as airports, utilities, waste‑to‑energy facilities, and digital networks, where private expertise and capital can reduce public risk and improve project outcomes.

• Sector‑specific development vehicles for agriculture, fisheries, education, and healthcare, which can attract specialized partners and create sustainable revenue streams.

These models do not replace government leadership—they strengthen it by aligning development with ownership and accountability.

Development Must Be Built With the People, Not Announced to Them

The borrowing plan raises important questions that deserve thoughtful, public discussion:

• What specific projects will be funded, and how were they evaluated?

• What are the expected social and economic returns for each project?

• Why were PPPs, public share offerings, and citizen bonds not considered as alternatives to borrowing?

• How will compliance improve without a modernized revenue authority?

• Why is the airport—the country’s most bankable asset—not being used to mobilize private and citizen capital?

These are not adversarial questions. They are responsible questions that any prudent investor would ask before taking on hundreds of millions in debt. And the people of the Turks and Caicos Islands are the investors, because it is our future, our balance sheet, and our children who will inherit the consequences.

We Are Not Against Development. We Are Against Blind Development

Turks Islanders want progress—better healthcare, stronger education, safer communities, modern infrastructure, and a diversified economy. But we also want development that respects our intelligence, protects our financial future, and gives us a meaningful stake in the prosperity we are helping to build.

Ownership, transparency, accountability, and smart financing are not obstacles to development; they are the foundation of sustainable development. The government has a duty to explain and justify its financial decisions, and the public has a right to insist that national development be built on shared prosperity rather than shared debt.

This is our country, our money, and our moment to demand a better model—one that ensures Turks Islanders are not just observers of development, but owners of it.