UK team to review Cayman’s finances

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

*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.

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.