The Government of the Turks and Caicos Islands has pledged to further improve the islands’ economic prospects and attract new investment following the publication of Standard and Poor’s detailed ratings analysis.
Published by the ratings agency earlier today, the report outlines the detailed analysis behind the islands’ new credit rating and provides specific actions to improve its score.
These include further modernisation of public services and maintaining the focus on reducing government debt given the islands’ relatively narrow economy which is focused on high-end tourism.
Commenting on the report, Finance Minister Honourable Washington Misick said:
Our Government is firmly committed to broadening and strengthening our islands’ economy. This objective and independent analysis will help us make this a reality and attract new investment to our islands.
First and foremost must be keeping our public finances in order and delivering a balanced, responsible budget. In the long run, this will attract more private investment, reduce the cost of living for future generations and allow us to invest more in public services and infrastructure.
His Excellency Governor Peter Beckingham said:
This provides further evidence that TCI is on the way to becoming a prosperous nation with the chance to be a true Caribbean success story.
The report is right to recognise how the islands’ strong links with the UK bring in new investment and benefits the economy.
The Government’s plan to strengthen public finances, backed by Britain, has allowed it to get its finances in order, steadily reduce debt and to attract new investment. This must continue.
The independent research from Standard and Poor’s is supplementary to the islands’ first credit rating released in July 2014. The independent report’s main findings include:
TCI enjoys favourable growth prospects based on its well-developed tourism industry
TCI’s relationship with the UK ‘serves as an anchor for economic policies’
The ‘stable’ outlook is based on S&P’s expectation of successful implementation of recent measures designed to modernise the public sector and strengthen governance