Cayman Islands Premier Alden McLaughlin said Thursday that his administration would not support layoffs within the civil service.
The subject was discussed during a meeting between Mr. McLaughlin and UK Overseas Territories Minister Mark Simmonds in London ahead of the 15 June ‘Open for Growth’ meetings and the G8 group of countries summit, scheduled for 17-18 June.
A temporary four-month budget will be required prior to the full year spending plan for the 2013/14 year being implemented, Mr. McLaughlin said. Mr. Simmonds approved some “bridge borrowing”, known as an overdraft facility, to support the temporary budget in the meantime.
Mr. Simmonds said he would like to see an overall reduction in the Cayman Islands public sector debt, which now stands at more than 700 million – including both central government and statutory authorities’ debts.
Mr. McLaughlin also noted that government would consider privatising government-owned companies to a certain extent, as long as that could be accomplished while safeguarding local interests. Mr. Simmonds agreed to provide technical experts who could advise Cayman on public/private funding packages that could provide necessary capital, without long-term revenue consequences.
Further meetings are scheduled for Friday. Attending the London talks with Mr. McLaughlin are Financial Services Minister Wayne Panton, Finance Minister Marco Archer and Financial Secretary Ken Jefferson.