Turks and Caicos Islands: UK calls for $20m fiscal surplus before Turks and Caicos Islands elections | tcweeklynews.com

TCI must be “well on course” to achieving a colossal $20m fiscal surplus by April 2013 in order for elections to take place. And that’s no mean feat with the current financial crisis equating to a staggering $12,000 debt for every man, woman and child living in the Islands.

Overturning the country’s pecuniary woes is one of the much touted “milestones” before a return to self-government. It is hoped that the string of recently announced taxes will prompt a sharp spike in revenue. But it presents Islanders with something of an economic ultimatum – pay up or stay under British rule.

A statement issued by Government on Wednesday reiterated London’s stance that the country must balance its books.

However finance chiefs say that is possible within the allotted timeframe – and they believe the economy is set for an imminent revival.

Permanent secretary Delton Jones told the Weekly News revenue projections were based on “econometric analysis” by external consultants and in-depth discussions with various stakeholders.

“Our figures also reflect the collection effort we intend to make and the fact that we believe the economy will soon start to rebound.

“We have a plan and I believe it will be sufficient.”

Full Article: TCI must have $20m fiscal surplus for elections.

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