FCO plans Cayman visit next week

A team from the United Kingdom’s
Foreign and Commonwealth Office will visit Cayman next week to conduct an economic
review.

The team will also discuss the
production of a draft three-year plan to deliver sustainable public finances,
which could be presented along with the government’s budget for the upcoming
financial year.

The 2010/11 budget is due to be
presented to the Legislative Assembly at the end of April.

According to UK officials,
the three-year plan will need to feature the following:

*Plans to reduce public spending to
an affordable level

*A proper strategy for managing public
assets – perhaps including private finance initiatives.

*A clear estimate of borrowing requirements

*Potential new measures to broaden
the revenue base

Both the foreign office and the Cayman Islands governor said they welcome the recent commitment
made by Cayman Islands Premier McKeeva Bush to bring public expenditure back
onto a sustainable track.

A delegation from the Cayman
Islands headed by Premier Bush met officials from the Foreign and Commonwealth
Office in London
last week. Colin Roberts, Director of Overseas Territories Department, chaired
the meeting. Governor Duncan Taylor also attended those meetings.

The talks dealt with the challenges
faced in balancing the Cayman Islands’ budget and to consider 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.

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