The Isle of Man Government’s Annual Financial Statements and Report document, for the year ended March 2023, has been published on the Tynwald website prior to being laid before the February sitting.
It is available to view and download from the Register of Business.
The balance sheet shows an improvement in the overall asset position compared to the previous year. This is due mainly to a significant reduction in the central government pension liability, which has fallen by £1.7 billion.
The amount of debt held by central government is recorded as £657 million, the majority of which is being repaid by external bodies.
Government also acts as guarantor on borrowing taken out by local authorities and the Manx Development Corporation, details of which are included under Contingent Liabilities.
In his foreword, Treasury Minister Dr Alex Allinson MHK (pictured) said: ‘There has been a need to continue to draw from Government reserves in the short term to support activities, and the performance of investments has also been subject to significant volatility due to market conditions during the year.
‘However, Treasury continues to focus on achieving stability within the Island’s economy and continues to monitor the position in order to protect reserves to ensure that they are available to grow and invest in the future of the Island.’
The Isle of Man Government’s credit strength, diverse economy and ability to comply with global tax standards are all noted in the latest Credit Opinion Update report from the international ratings agency Moody’s, which was published in November.
