| CFO Gardner leaving TCI government | | Print | |
| Friday, 02 September 2011 09:46 | |||
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The government’s Chief Finance Officer Caroline Gardner has ended her one year assignment in the Turks and Caicos Islands, satisfied that the country’s finances are on a more stable footing. The Foreign and Commonwealth Office appointed Gardner in September 2010 to oversee the government’s finances as a requirement of loan guarantees for the country. The goal is to put the government on track to achieve a fiscal surplus by March 2013. “The $260 million U.K.-guaranteed refinancing package has enabled us to restore stability to the government’s finances by reducing the cost of borrowing, repaying our creditors, and funding the deficits that will continue until we can balance the budget,” Gardner said. “This means raising revenues and cutting expenditure, while modernising the tax system to provide a sound basis for the future. “We’ve made a good start, but there is still a long way to go. The next two years will be critical in bringing revenue and expenditure into line. Once we’ve achieved a budget surplus, then we can start to build the reserves we need to repay the TCI’s high levels of debt, and invest in building a prosperous and vibrant future for the people of these islands,” she said. “There will continue to be challenges ahead, but we must stay the course. Like any household we cannot live beyond our means. We have to remain focused on the goal of achieving a fiscal surplus by the end of fiscal year 2012-13, which is a key milestone towards setting a date for elections.” Gardner will be replaced as CFO by Hugh McGarel-Groves, who took up the position Sept. 1. “I look forward to continuing the good progress already achieved and to getting to know the people of the TCI and helping to implement improved financial stability and growth for the islands,” McGarel-Groves said.
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