Treasury Minister Alfred Cannan MHK has welcomed the annual report on the Isle of Man Government’s financial standing from the international credit ratings agency Moody’s.
The report provides updated analysis of the Island’s economic and fiscal position and does not change the credit rating, which remains Aa3 stable, the same as the United Kingdom’s.
Moody’s notes the Island’s high levels of wealth, economic resilience and ‘very strong’ public finances, drawing attention to its ‘proactive and effective’ approach in dealing with the effects of Brexit and the coronavirus pandemic.
The report highlights that a prudent approach to managing government finances has resulted in a high level of overall reserves.
Minister Cannan said:
‘The latest report provides a welcome and thorough assessment and reflects the challenges the Island has faced over the past year.
‘It rightly points out that the Island’s economy contracted for only the second time in the past three decades due to the effects of the global pandemic, but that a diversified economy leaves us on a firm footing to stage a robust recovery looking forwards.
‘Our community’s response to dealing with Covid-19, in turn reducing its economic impact for large parts of 2020, will play a significant role as we look to the future with optimism and a return to growth.’
