The Cayman delegation to London met on Thursday with Miriam Sachak, head of the Foreign and Commonwealth Office’s Economics and Financial team, to discuss the island’s finances.
The meeting was one of a series attended by representatives of the Cayman Islands government during their visit to London as part of a Joint Ministerial Council trip.
Premier Alden McLaughlin, Finance and Economic Development Minister Roy McTaggart and Minister for Financial Services and Home Affairs Tara Rivers took part in Thursday’s meeting.
Minister McTaggart provided an update of the Cayman Islands government’s financial position through to June 2017, as well as projections for the remainder of the financial year, according to a press release.
“Other matters discussed were Cayman’s plans to continue paying down debt and government’s commitment to continue the policy of the last Progressives-led administration of no new borrowing during the term,” the release stated.
Ms. Rivers provided an update on matters relating to financial services.
Also discussed were the government’s infrastructure development progress and plans, as well as the process for the upcoming Strategic Policy Statement and budget preparation. This next budget will be the first two-year financial plan under revisions to the Public Management and Finance Law.
Minister McTaggart noted in the release that United Kingdom officials “continue to applaud the ongoing management of government’s finances and government’s conduct of the country’s financial affairs.”
Premier McLaughlin, Ministers McTaggart and Rivers also on Thursday held a bilateral meeting with Lord Ahmad, minister for the overseas territories at the Foreign and Commonwealth Office.
“Matters discussed included national security, in particular government’s plans to create a national border protection agency with the U.K.’s assistance. Financial service matters discussed included the exchange of beneficial ownership information with the United Kingdom and the EU’s screening process for non-cooperative jurisdictions,” according to the release.
“The recent Cayman Islands election was discussed, as were the challenges and opportunities of operating a coalition government. The premier highlighted the importance of the U.K.’s continuing support of the Cayman Islands and all overseas territories now and post-Brexit. This was also highlighted separately at the special Joint Ministerial Council for Exiting the European Union meeting on Wednesday,” it continued.
Premier McLaughlin is expected to meet with Lord Ahmad again in November when overseas territories leaders gather in London for the Joint Ministerial Conference and ongoing discussions about Brexit.