Turks and Caicos

House of Lords written question – answered on 3rd July 2012.

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Photo of Lord Jones of Cheltenham Lord Jones of Cheltenham Liberal Democrat

To ask Her Majesty's Government what is the status of loans they have granted to the Turks and Caicos Islands; what value of loans is guaranteed; and when they expect that the islands will be in a position to start repaying those loans.

Photo of Baroness Northover Baroness Northover Baroness in Waiting (HM Household) (Whip), Lords Spokesperson (Department for International Development)

DfID currently has no outstanding loans to the Turks and Caicos Islands (TCI).

TCI currently holds £119 million in debt guaranteed by Her Majesty's Government. Of this, £4 million is due to be repaid in July 2012. The remaining £115 million is due to be repaid in its entirety in February 2016. By building a track record of sound financial management and a significant cash reserve, we expect at this point the TCI Government to refinance their debts without a UK guarantee. The chief financial officer ordinance enables the UK Government to retain sufficient control over the public finances and so protect the interests of the UK as loan guarantor.

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