Name: Marco Archer
District: George Town
CANDIDATE IN THE NEWS
The Cayman Islands hit a milestone of five consecutive years of growth, government economists announced Friday, with the gross domestic product reaching $2.8 billion in 2015.
The government has extended a 15 percent import duty rate on building materials imported to Grand Cayman until Dec. 31, 2017.
Cayman Cabinet members have approved a $16 million additional annual payment toward the “funding deficiency” in the main civil service employees’ retirement plan, to be made in monthly installments for the forseeable future.
While it has helped drive down Cayman’s national debt over the past three years, a financial management agreement between the Cayman Islands and U.K. governments has delayed major public projects and may also delay repayment of further debts, Finance Minister Marco Archer said this week.
The Cayman Islands government may wish to pay off some of its $500 million in debts early, according to statements made during the week-long Joint Ministerial Council meeting in London.
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.