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Foreign and Commonwealth Office team arrives 22 March
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| Published on Friday, March 19, 2010 |
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Premier the Hon
McKeeva Bush
Following meetings in London last week between a delegation from the Cayman Islands headed by Premier McKeeva Bush and officials from the Foreign and Commonwealth Office (FCO), an economic team from the FCO will visit Cayman during the week of 22 March to conduct an economic review.
They will also discuss with the Financial Secretary and his team the production of a draft three-year plan to deliver sustainable public finances, which could be presented with the budget for 2010/11 in April.
The plan will need to feature measures to reduce public spending to an affordable level; a properly-costed strategy for managing public assets, perhaps including private finance initiatives; a clear estimate of borrowing requirements; and possibly new measures to broaden the revenue base.
The talks in London last week, chaired by Colin Roberts, Director of the Overseas Territories Department and also attended by His Excellency the Governor, Duncan Taylor, focused on how to deal with the challenges faced in balancing the Cayman Islands’ budget.
Also under consideration were credible and deliverable measures with which to eliminate the recurrent deficit in the public finances of the Cayman Islands by the end of the 2012/13 financial year at the latest.
In view of the financial situation that the Cayman Islands finds itself in and the findings of the Miller Commission report, those at the meeting agreed that current levels of expenditure are not sustainable and that swift and significant action, including cuts in Government expenditure, is needed to bring public spending back onto a sustainable track.
The FCO said it recognised that decisions on exactly how to achieve this must lie with the Cayman Islands government, but undertook to do what it can to help. | | | | Reads : 889 |
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