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Topic: Framework for Fiscal Responsibility
If someone wants to make Cayman a power broker in international negotiations, we will gladly step up to the role. In the meantime, do not begrudge us our country’s small but vital chance to make our voices heard.
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.
Because of Finance Minister Marco Archer’s attempts to guide the Cayman Islands government out of debt, local taxpayers have accumulated a new kind of debt — of gratitude.
While congratulating Cayman’s government on the accumulation of big cash reserves by December 2015, Britain’s overseas territories minister has warned Cayman of another massive financial commitment looming within what will be the next administration’s term in office.
The Cayman Islands has more than enough operating cash in the bank, according to U.K. officials who are evaluating whether the government will return to local budget autonomy ahead of the next fiscal year which begins in July.
The Cayman economy grew an estimated 1.6 percent in the first three quarters of 2015, down from 2.4 percent for the same period in 2014, according to a new report from the Economics and Statistics Office.