A US$525,000 payment in the upcoming budget to a technical assistance organization managed by the International Monetary Fund raised some eyebrows during Tuesday’s meeting of the Legislative Assembly’s Finance Committee.
Financial Secretary Kenneth Jefferson said it appeared the much larger-than-normal membership dues payment to the Caribbean Regional Technical Assistance Centre, known as CARTAC, was due because the Cayman Islands government was late with some of its bills.
CARTAC is one the monetary fund’s eight regional assistance centers around the world created to help smaller or less well-funded jurisdictions strengthen their capacities to manage local economies and reduce poverty.
“It would appear, in past years, we were not paying the full amount we should have paid,” Mr. Jefferson said.
For instance, Mr. Jefferson said it appeared US$20,000 was owed during 2011 and that amount increased to US$50,000 during 2012. Mr. Jefferson said it appeared a partial payment was made to CARTAC for membership in each of those years.
During the next three calendar years, 2013-2015, a total of US$350,000 was owed but not paid.
The full payment planned in the current government budget of CI$440,000 (US$520,000) should settle all outstanding fees, including the amounts currently owed for 2016, Mr. Jefferson said.