The Cayman Islands must be doing something right.
Senior finance managers from 20 Caribbean countries are here for a three-day workshop on financial management reform.
At the heart of the workshop are financial reforms the Cayman Islands adopted, which have attracted regional interest.
One advisor has said this country’s reforms are on the cutting edge of financial management.
One of the highlights of financial reforms in the Cayman Islands is transparency.
Not only does transparency help keep the public informed, it also encourages good decision making.
The reforms also make Government more responsible and accountable.
Government Leader Kurt Tibbetts admitted to those assembled Tuesday that there have been some difficulties with the reforms, but that the system is 1,000 times better than it was.
We agree.
Time was when Government had an attitude of paternity where the people were told only what the powers-that-be thought was good for them.
In order to make good, rational decisions at the polls Caymanians must have details on the financial status of their country, of plans for the spending of public money, the success or failure of those plans and the reasons.
Those at the workshop were also given a bit of good, free advice from Financial Secretary Kenneth Jefferson.
He warned that if those in attendance are to adopt financial management reform, they must make sure the new system suits their own countries.
Unique to Cayman, but a reform that should probably be examined by all at the workshop, are specific aspects of requiring Government to operate in a surplus, to have specific borrowing limits and to maintain cash reserves at certain levels.
It was said when the reforms were adopted that they were good and worthy aims, but that the proof of the pudding would be in the eating.
That proof was meted out in September when Hurricane Ivan struck the Cayman Islands.
Thanks to the reforms this country had enough cash reserves on hand to tremendously aid in the recovery process.
It is hoped that those at the workshop take with them useful information to help their countries get on the right footing, as the Cayman Islands has done.
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