TCI to borrow

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 says the money borrowed will be used to pay public servants to enable the TCI to continue to meet medium-term debts.



He says revenue, including earnings from tourism, have been reduced by half 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 assumed direct rule of the TCI last Friday, following a report highlighting corruption within the last administration.