Topic: government debt

Cayman's public finances will remain within the Framework for Fiscal Responsibility, yet the cost of servicing public debt will jump in 2027.

Government plans to take on $400 million of new debt have sparked debate and controversy in the past month.

The opposition has urged government to change tack over news that it is considering issuing a US$400 million 30-year bullet bond.

The Cayman Islands government is considering issuing a 30-year, US$400 million bullet bond in the US capital markets in the second quarter of this year, to raise funds and refinance existing debt.

Government intends to borrow $230 million in 2021 and another $100 million in 2022, to fund capital projects.

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.