TCI to borrow money

The new Chief Executive Officer of the Turks and Caicos Islands, TCI, Martin Stanley says the islands will have to borrow money to meet its short term needs.



Mr. Stanley the money borrowed would be used to pay public servants so that the TCI could continue to meet medium-term debts.



He says revenue, including earnings from tourism, had halved over the last year putting huge pressure on the TCI\'s public finances.



Mr. Stanley took up the post as CEO this week after Britain last Friday assumed direct rule of the TCI following a report highlighting corruption within the last administration.