Providenciales, 28 May 2015 – The outstanding accolades keep on coming in and this time the Turks and Caicos may see its credit rating significantly upgraded after a Standard and Poor’s review due in the next few weeks. The Minister of Finance, Washington Misick said the Public Expenditure and Financial Accountability or PEFA assessment result came in on Wednesday and shows that the Turks and Caicos has rated very, very well. “The timing of this announcement could not be better in bolstering our nation’s rapidly improving financial reputation,” said the Minister of Finance and he explained the Public Financial Management performance or PFM is widely used by the World Bank and the European Union to gauge government’s fiscal performance.
The review examined: Credibility of the Budget; Comprehensiveness and transparency; Policy-based budgeting; Predictability and control in budget execution; accounting, recording and reporting; external scrutiny and audit and donor practices. The Turks and Caicos outdid the results of the last review in 2011 and is now cleared to receive EU funding of €14.6 million euros in direct budget support to the education sector under the 11th European Union Development Fund. You can go to MagneticMediaTV.com to see that PEFA report for yourself, we have the link. LINK: http://www.gov.tc/treasury/index.php/publications/government-financial-reports/8-pefa-assessment-report