Treasury Minister Alfred Cannan MHK has recently welcomed the annual report on the Isle of Man (IoM) Government’s financial standing from the international credit ratings agency Moody’s. The report reaffirmed the rating at ‘Aa1 negative’ and provided updated analysis of the Island’s economic and fiscal position.
The rating agency praised the Island’s high wealth levels and its resilient economy. The IoM’s per-capita income is indeed one of the highest in Moody’s universe of rated sovereigns and the Island’s GDP growth has averaged 4.5% over the last 10 years. Island’s economy is well-balanced by the diversification process the Government has been undergoing, which has been supported by specific policies and has sustained economic growth over the past years.
One of the Island’s key strengths has been its very strong public finances; robust and forward-looking institutions and a prudent approach to managing government finances have resulted in a high level of overall reserves (totalling close to 40% of GDP) and the absence of direct general government debt.
Moody’s commended the IoM’s strong institutional framework and its proactive financial services regulatory policy. The Island has a long established history of complying with international tax standards and is rated “compliant” by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes.
Commenting on the annual Moody’s report, the Treasury Minister said: “The latest update from Moody’s confirms the good health of the Island’s economy and confidence in very strong public finances. However there is no room for complacency. Looking to the future we need to be mindful of international events and the potential for any knock-on effect on the Isle of Man.”
Both the IoM Government and the Island businesses keep working hard to further increase the ranking and ensure continued growth and success.
Written by Marta Bellamoli, Marketing Co-ordinator