TCI begins loan re-financing talks

bailoutProvidenciales, 30 Sept 2015 – The Turks and Caicos Islands Government has already begun talks with lending institutions as the UK bail out loan nears its maturity date; this was revealed in the Cabinet minutes of last week.

According to a Government press release from February, “It is the TCI’s intention to use the reserves held in its Sinking Fund to pay off approximately $100m of the bond, thus refinancing only the $70m balance.”

In 2008, TCIG received a $260 million dollar loan guarantee endorsed by the UK government; the TCI owes a $170 million bond, which matures in February 2016.

Meanwhile, Cabinet ministers also advised His Excellency the Governor to approve a third Supplementary Budget Appropriation for the financial year 2015/16 to meet, what were described as, “urgent transactions and unforeseen policy/regulation changes”; these will be forwarded to the UK Government for approval.

These new financial needs for TCIG will eventually be brought to the House of Assembly.

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