TCI claims finances will be best in region

(CNS): With the UK National Audit Office describing two new bills set to become law in the Turks and Caicos Islands this month as “exemplary” interim government officials are claiming that the territory is set to have the best standards of financial accountability in the Caribbean.  In a release from the TCI governor’s office ahead of a news conference planned today officials said the new Public Financial Management Bill sets out “the high standard of public financial management framework that the UK expects from its Overseas Territories,” and is central to the process for returning elected government to the TCI.

The officials stated that the bills will legislating both good governance and the strongest possible financial management processes for the Islands. 

Two drafts of the Bills have been issued to members of the Advisory Council and Consultative Forum since mid-February, and views have also been sought from TCI Government Accounting Officers and the UK National Audit Office.  The Advisory Council had their second review Wednesday and the Consultative Forum will provide its final input next week, concluding consultations on the proposed bills.

“UK’s National Audit Office has already noted that the NAO Bill is exemplary and could be used as a benchmark for all UK Overseas Territories and even other Caribbean nations,” the governor’s office stated.

The new legislation includes measures to strengthen the management of public finances; improve medium term fiscal planning, to put value for money first, to limit borrowing, and to deliver greater public sector accountability to the people of the Turks and Caicos Islands. In addition to the strengthened public financial management provisions, the enactment of the NAO Bill will allow for the new National Audit Office to be established for the TCI providing a further layer of oversight and required accountability for the spending of public money.

Governor Ric Todd said: “The enactment of these Bills will help the TCI to continue to recover from its deep financial and political crisis of 2008, to the point that it achieves a fiscal surplus, begins to reduce its national debt, and eventually no longer requires the $260m loan guarantee provided by the UK Government.”

Passage of the bills before the start of the new financial year will allow ample time for implementing the laws and embedding new higher standards of public financial management and oversight ahead of new elections planned for later in 2012, officials added.