Turks and Caicos is best known for its beautiful tropical weather, white sand beaches and award winning scuba diving. Located in the Caribbean, this island paradise has been receiving notoriety for being a popular celebrity destination.
Recently, on August 14, 2009, Great Britain exercised its privilege as colonial overlord of the islands to take over the Turks and Caicos government in response to concerns about corruption by its former Premier, Michael Misick.
Despite a newly elected government having been installed in the Spring of 2009, Great Britain suspended Turks and Caicos' constitution. Direct rule by Great Britain over the islands will be likely for a minimum of two years.
Now that Great Britain is in charge it is also responsible for the debt, budget and finances. Martin Stanley, the newly appointed Chief Executive Officer of the new government, will attempt to draft a budget next week with the help of the newly appointed Advisory Council.
The bulk of the debt is owed to a medical contractor in Florida for health care for Turks and Caicos citizens. However, Stanley has announced that the budget is under "firm control" and that monthly spending has been reduced by almost half from last year.
In addition to Great Britain's best efforts to reduce spending, what about stimulating the Turks and Caicos economy? What plan does Stanley have for that, if any? Focusing on tourism is the practical method to get the islands' finances back on track. The leading cash receivables in the islands are fishing, tourism and banking, and not in that order.
Turks & Caicos has enjoyed a robust economy due, in large part, to the investors and businesses which stimulate tourism and thus the economy. Since its main economic growth is tourism dollars, it would be in the island's best interest to insist that Great Britain offer better incentives for businesses and developers.
Article comments
1 - Jimmy
"it would be in the island's best interest to insist that Great Britain offer better incentives for businesses and developers. "
Did you have anyone in particular in mind?
2 - Nita
Investors and developers are the best resources for tourism and the economy. Many resorts are either closing or cannot get off the ground without the assurances of the new government structure.
3 - Jimmy
And yet they can still afford astroturf bloggers and junk libel suits. Go figure.