Policy expertise

Provision of Economic Advice to the Governments of: Anguilla, the British Virgin Islands, the Cayman Islands, the Falkland Islands and the Turks and Caicos Islands

Policy Area
Country/Region
International
Funder
Foreign and Commonwealth Office (FCO), UK
Duration
2004-2010
OPM contact

OPM was contracted by the FCO to provide economic consultancy inputs to the FCOs annual economic review missions to five Overseas Territories (Anguilla, the British Virgin Islands, the Cayman Islands, the Falkland Islands and the Turks and Caicos Islands). Each visit involved a review of the current financial position of the government together with issues pertaining to general economic performance, public expenditure management and public-sector governance. This report describes and assesses the various options available to the Turks and Caicos Islands government for a revenue strategy to meet the needs of the medium term. The serious economic crisis the territory faces has arisen from a combination of three major shocks: the global recession, hurricane damage and self-inflicted wounds from mal-administration. The agenda to deal with this crisis is multi-facetted: short-term expenditure cuts, medium-term improvements in public economic management and parallel medium-term efforts to establish a more efficient revenue system. This OPM report identifies options to enable the Turks and Caicos Islands to remain competitive in the markets in which it operates and for the government to deliver a reasonable level of services to the population.

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