As Turks & Caicos prepares to deliver the budget in less than 6 weeks, Turks & Caicos Islandsers will have to prepare for the tightening of the belt, as TCIG tries to implement the 3% payroll taxes.
All this is to reduce the debt borrowed to secure the TCI by 2016.
Minister of Finance in his papers presented to the House Of assembly last week stated that by 2016,the TCI will have an opportunity to get our own credit rating to see where the country is and to better handle our own affairs.
Fitch Ratings has affirmed that the UK government has guaranteed the Turks and Caicos Islands’ USD170m or 3.20% notes due 2016 at ‘AA+’. KEY RATING.
The rating is based on the full, unconditional, and irrevocable guarantee provided by the Secretary of State for International Development, for and on behalf of the UK Government at a (AA+/Stable performance), in accordance with the terms and conditions of the guarantee as specified in the guarantee documentation with TCIG.
According to Fitch, the rating is sensitive to any changes in the UK sovereign rating.
Minister Missick is asking members from across the isle and the country at heart to stand with him, when he presents the new budget.
