UK: Cayman can borrow

No direct taxation, says Premier

Officials in the United Kingdom’s
Foreign and Commonwealth Office have ‘agreed in principle’ to green-light
CI$155 million of borrowing that will allow the Cayman
Islands to sustain its operations through the next budget year,
which begins 1 July.

The CI$155 million of borrowing is CI$52 million less than the $207
million requested by the Cayman Islands Government.

According to a joint statement released Tuesday by Premier McKeeva Bush
and UK Foreign Minister Henry Bellingham:

“The Minister (referring to Mr. Bellingham) welcomed the positive action
taken to date and commended the Cayman Islands’ Government on the measures
proposed in their three-year plan to restore public finances to a sustainable
footing.

Further commenting after their meeting in London Tuesday, the minister and premier said: “We had an
excellent meeting today, which we believe will be the start of a new and
positive partnership between the UK
and the Cayman Islands.”

Mr. Bush also said that Cayman would not be implementing any form of direct taxation in the upcoming budget. 

Please see full details on this story in Wednesday’s Caymanian Compass…. 

 

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