UK Government Supports Economies in Overseas Territories

The UK Government has declared its commitment to supporting the Overseas Territories in building successful and resilient economies.

In a communique at the end of the Joint ministerial Council in London, it recognized that external shocks, such as the COVID-19 pandemic and natural disasters, can lead to significant fiscal and economic challenges for the small and vulnerable economies of the Overseas Territories.

 The JMC discussed the importance of robust infrastructure, sound public financial management and effective fiscal planning in supporting recovery from the COVID-19 pandemic.

 The UK says it will continue to work with the Overseas Territories to explore opportunities for diversification of economies, building resilience and investment.

 The UK Government says it will consider the interests and needs of the Overseas Territories when designing programmes and policies to promote the sustainable economic development of the Territories.

 For their part the Overseas Territories say they will make full use of the Territories’ financial resources in the first instance, although the UK will continue to consider further requests for financial support on a case-by-case basis.

 The UK says it remains committed to meeting the reasonable assistance needs of Territories where financial self-sufficiency is not possible, as the Overseas Territories are a first call on the aid budget.