Gordon Wetherell, Governor of Turks and Caicos, said there were “tough decisions” ahead for the territory, as the United Kingdom seeks to execute a financial support package for the archipelago, which saw its constitution suspended in 2009 after a series of corruption allegations. “We need to use the breathing space [the package] provides to bring revenue and spending into line,” Wetherell said. “Tackling the severe and structural fiscal problems and achieving a fiscal surplus in the year financial year 2012/2013 will be tough, but getting on course to do so is a key milestone.” There are a number of measures Wetherell said would be required to bring the island chain into a surplus. The $260 million financial package is headlined by a bridge loan of $170 million at 0.25 percent over LIBOR, to be replaced by a bond or other funding in the next few months.
