(CNS): Government is expected to deliver its first ever two-year budget in mid-October, the premier stated as the Legislative Assembly was adjourned Friday evening. This followed a three-day meeting in which the National Unity Government delivered its Strategic Policy Statement laying out the government’s goals over the next three years and the groundwork for the budget. Finance Minister Roy McTaggart is responsible for delivering the spending plan and is now going through the final process with government agencies.
This budget is the first that the Cayman Islands Government has delivered since 2008 that will not require formal approval from the United Kingdom after the previous finance minister, Marco Archer, was able to get the public purse back in the black and comply with the parameters of the Public Management and Finance Law. McTaggart said he remains committed to meeting the Framework for Fiscal Responsibility, which forms part of the legislation.
Speaking on Cayman 27 this week, McTaggart said that the ministries had provided their wish lists, and though they had to be pared back, the days of austerity measures “are behind us”. Nevertheless, the new finance minister assured the public that there were no plans for “going on a spending spree” and said government was tackling its debt issues, paying down loans when they fall due and also reducing the sums owed by statutory authorities where there are no penalties for early repayment.
“Financially speaking, government is in what I would call a very sweet spot and we hope the growth and prosperity will continue,” he said.