Overseas territories need sound fiscal management if they are to avoid repeating the errors of the Turks and Caicos Islands, said William Hague, United Kingdom secretary of state for foreign and Commonwealth affairs, in a recent written statement.
“We are determined that the situation we have found in the Turks and Caicos Islands is not repeated, there or elsewhere,” Mr. Hague said. “We therefore want to work with territories to make sure the right controls are in place to ensure good governance and sound management of public finances.”
This year, Mr. Hague said, he will be “consulting widely” in developing a new White Paper on the British government’s approach to the territories. He added that the paper will bring “all aspects of the government’s policies together.”
The minister also announced that the Overseas Territories Programme Fund will be increased to £7 million this year, which is about $11.3 million. In addition, the TCI will get $10.7 million to cover the costs of “pursuing corruption and violent crime,” he said.
See the March 24, 2011 issue for full coverage.