The independent assessment will use 31 indicators to examine the improvements made in public expenditure, procurement and accountability, which will then be rated against the country’s last report in 2011.

It will also draw on established international standards and codes, and other commonly recognised good practice.

Funded by the European Union’s EDF10 programme, PEFA applies a single standard to all the countries to which it is applies, allowing taxpayers and investors to better gauge the effectiveness of public finances.

Turks & Caicos finance minister Washington Missick said: ‘This assessment is an important step in our continuing work to continually develop and improve public financial systems in addition to demonstrating to our population, business and investors that we are working hard to improve public finances.

‘Our latest assessment rating, which we will publish at the end of March 2015 will allow the TCI to be rated against other countries in an independent, internationally recognised and objective manner.’

The Turks & Caicos review will be conducted by John Wiggins, a PEFA assessor.