No Devaluationfor the Cayman Islands Dollar
Two visiting British Government economists are not looking intoa devaluation of the Cayman dollar, but are conducting a reviewof the economy in line with the 'Partnership for Progress' WhitePaper.
This was the assurance given to Cayman Net News by Financial Secretary,the Hon. George McCarthy and also coming from a press releaseon statements by the Governor, H.E. Mr Peter J. Smith, CBE, relatingto the presence in this country of the economists.
The two statements address and effectively put an end to spreadingspeculation that the two men, Mr Joe Beeley and Mr Mark George,are here to assist the Cayman Islands Government in its plansto devalue the Cayman dollar to be on par with the US dollar.
"There are no plans whatsoever for the government to devaluethe Cayman Islands currency to be on par with the US dollar,"the Hon. Mr. George McCarthy confirmed.
The UK officials arrived here Saturday, 13 October, for a nine-dayvisit and a Government Information Service (GIS) release refersto their economic review as an across the board undertaking.
The release further said: "The Governor describes the visitas 'an open and genuine partnership visit on the whole matterof government finances, budgeting and the economy'. The two willbe following up on work done by Dr Mark Courtney who visited Caymanunder the auspices of the Foreign and Commonwealth Office in November1999".
"They will be talking to stakeholders both in and outsidegovernment about the processes and systems used in Governmentfinancial management" it continued.
Staff Officer to the Governor, Mr Kevin Mowbray, also said thepresence of the men is related to the 1999 visit by Dr Courtneyand added: "There are no specific terms of reference forthe visit as it is a routine in-house visit from the FCO, OTDEconomist ".
"Whilst they will brief the Governor on their findings beforetheir departure, they will be submitting any report they makeon their visit to the FCO, OTD as the visit was commissioned bythem as part of a rolling programme of visits to the territoriesby their economists," Mr Mowbray said.
The Government Information Services release stated that the leadeconomist is Mr Beeley who is attached to the Overseas TerritoriesDepartment of the Foreign and Commonwealth Office.
Mr George is a consultant who has worked for the British governmenton similar assignments in other Caribbean overseas territoriesand in Africa and Asia.