News

New Turks and Caicos Chief Financial Officer Assumes Post

By: Caribbean Journal Staff - May 6, 2013

Above: the Turks and Caicos House of Assembly

By the Caribbean Journal staff

Stephen Turnbull has officially taken up the position of Chief Financial Officer of the Turks and Caicos Islands, the Governor’s office announced.

Turnbull, who succeeds former CFO Hugh McGarel-Groves, said public finances in the territory ended the first quarter with an operating surplus of $47.6 million, up $85.7 million from the same period in 2012.

Much of that came from approximately $28.2 million in civil recoveries related to the SIPT investigation.

“These figures are the result of great deal of hard work and some difficult decisions — they reveal the strength of the vastly improved public finances and the positive inheritance provided to the new elected government,” Turnbull said in a statement. “They also show that there are significant one-off payments made to TCIG that boosted the figures which, taken together with the considerable improvements in the fiscal situation, have enabled us to build up over $41m in the sinking fund which will be used to pay off the debts incurred by the previous elected government.”

The CFO warned that the TCI could not “rest on these laurels,” however.

“It retains an unsustainable level of debt that will not be financeable when the UK’s guarantee period ends in 2016 without a good track record of sound financial management and a substantially larger sinking fund,” he said. “I know from discussions in Cabinet that the importance of sustaining and developing these improvements and maintaining a strong fiscal position is a joint priority.”

Popular Posts the sexiest beaches including this resort at atlantis

The Sexiest Beaches in the Caribbean to Visit Right Now 

One is a beach with a nightclub-style pool right next door. Another is filled with beach bars — and even has its own au natural corner. Then there’s a beach that’s practically a nonstop party.  There are so many things that […]


The Best Caribbean Islands to Visit This Summer, From Antigua to St Croix

verandah antigua

We’ve been saying it for years, and we’ll keep saying it: in some ways, the Caribbean is even better in the summer months. The water is warm. It’s a bit less crowded, a little bit quieter. At night, the trade […]


The Winners of the 2024 Caribbean Green Awards 

caribbean green

With almost 20,000 votes, the winners of the Caribbean Green Awards 2024 Presented by E-Finity have been crowned.  From state-of-the-art marine conservation projects to hotels that are redefining sustainability, the Green movement has never been stronger in the Caribbean.  “This […]


Related Posts somerset grace bay

This Providenciales Hotel Has a New GM 

The Somerset hotel in Turks and Caicos has named a new general manager, Caribbean Journal has learned.  The Grace Bay property has tapped Beverly Howell to the role. Howell most recently served as general manager at the celebrated Point Grace […]


The 10 Best Turks and Caicos Resorts to Visit in 2024 

turks and caicos best resorts

It’s been one of the most sought-after destinations in the wider Caribbean since the pandemic: the Turks and Caicos Islands, which has carved out a rather rarefied niche among celebrities, jet-setters and beach lovers. And while Grace Bay Beach remains […]


The 25 Best Caribbean Beach Bars for 2024

carbet beach

What is the first thing you want to do after you land at an airport in the Caribbean? For many, it’s a pretty simple answer. Make your way, by car or boat, to your sandy chair, cocktail in hand, at […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You