The Fiscal Strategic Policy Statement
The Fiscal Strategic Policy Statement (FSPS) utilises the baseline projections budgeting technique, a mid-term expenditure framework (MTEF) model applied over the base period 2022-23 and projected over 2023-2026. It sets out the future budget requirements based on existing services and the resource implications of the policy changes and the Government’s new programmes. It links the macroeconomic environment to Government strategic priorities.
Long-term fiscal sustainability is a central government priority. It has long been recognised that TCI Public Revenue Structure needs to be modernised to more progressive and equitable.
Given its economic construct, population geography, development pressure, and mounting social, TCIG must take the necessary actions to rationalise public revenue generation.
The Governments of the United Kingdom and the Turks and Caicos Islands, through the 2012 Framework Agreement, agreed to five underlying pillars mentioned below for the 2012 FSPS.
- Budget surplus
- Controlling government expenditure
- Management of Public Debt (Public-Private Partnerships)
- Revenue enhancement and;
- The financial improvement of state-owned agencies
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