Marco Archer named Finance Minister of the Year in Caribbean

Finance Minister Marco Archer holds a copy of Global Markets Magazine in the Legislative Assembly building Monday afternoon. - PHOTO: BRENT FULLER

Cayman Islands Finance Minister Marco Archer is tops in his field among his Caribbean peers, according to Global Markets magazine.

The minister, who just turned 50, was named Finance Minister of the Year for the Caribbean this month by the magazine, which is a daily online and printed publication covering the World Bank and the International Monetary Fund.

Premier Alden McLaughlin read a portion of the article that appeared in Global Markets (previously Emerging Markets magazine) which noted Mr. Archer’s performance in controlling spending in the territory while reducing debt. The magazine said this was a “particularly significant achievement in the Caribbean.”

Mr. Archer told the magazine that government believed the best way to cut debt was to grow the local economy, rather than increasing taxes.

The magazine also lauded his efforts in meeting a June 2016 deadline for fiscal performance set by the U.K. and thereby earning “budgetary freedom” for the territory.