CIG reports to UK bosses on public finance

Minister Tara Rivers, Premier Alden McLaughlin, OT Minister at the FCO Lord Ahmad, and Minister Roy McTaggart

(CNS): The Cayman delegation to the special Brexit meeting in London turned to public finance when Premier Alden McLaughlin, Finance Minister Roy McTaggart and Financial Services Minister Tara Rivers met with Miriam Sachak, the head of the Foreign and Commonwealth Office’s Economics and Financial team, last week. They also had a bilateral meeting with the new overseas territories minister, Lord Ahmad. 

Officials said McTaggart provided an update of the Cayman Islands Government’s financial position to date and his projections for the for the rest of the year. 

Although the previous Progressive administration, with Marco Archer at the helm of the government coffers, was able to wrestle back control of local public finances, British officials are still keeping a close eye on the CIG’s purse.

According to a press release, McTaggart spoke about the current government’s commitment to continuing to pay down the public debt, with no new borrowing during the term. The next budget will be the first two-year financial plan, made following revisions to the Public Management and Finance Law, and McTaggart’s first effort to set out what government expects to collect and where it will spend the revenue.

He said the United Kingdom officials continue to applaud the ongoing management of government’s finances and its conduct of the country’s financial affairs.

Government’s infrastructure development plans, including progress and challenges, were also discussed, the release said, without revealing any details, though it is probable that the thorny issue of the government’s continued plans for a cruise berthing facility were on the agenda.

Rivers also provided an update on financial services matters.

At their meeting with Lord Ahmad, talks included national security, in particular government’s plans to create a national border protection agency with the UK’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.

They also spoke about the recent Cayman Islands election and the challenges and opportunities of operating a coalition government.

The premier stressed how important it was for Britain to continue to support the Cayman Islands and all British 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.

The premier is expected to meet with Lord Ahmad again in November, when BOT leaders meet in London for the Joint Ministerial Conference and ongoing discussions about Brexit, officials said. 

The delegation returned to Cayman Sunday.