Archer bags award for hitting financial targets
Marco Archer wins the Caribbean Finance Minister of the Year award, 2016
(CNS): Cayman’s minister of finance, Marco Archer, has been lauded by an international news organisation after bagging the Caribbean Finance Minister of the Year award. Speaking in the Legislative Assembly on Monday, Premier Alden McLaughlin congratulated the man he called the “financial sheriff”, saying the award was significant for him, his family and government. According to the magazine, he earned the award as a result of the progress he has made with public finances and achieving the targets set by the UK.
Archer was described as the most “impressive finance minister in the Caribbean” after he managed to get the government’s cash reserve ratio well above the 90-day target and Cayman on the road toward zero borrowing.
The award was conferred by Global Markets, an international news organisation that covers the work of the International Monetary Fund, the World Bank, and the European Bank for Reconstruction and Development, the Asian Development Bank and the Inter-American Bank. It also monitors the work of central banks and the financial performance of governments regionally and around the world.
McLaughlin said the work done over the past three years to return confidence in Cayman, restore government finances, grow the economy, reduce taxes, and to focus on education and employment had borne fruit.
“Because of the efforts of every member of this government, the country is today much better off financially, economically, and yes socially than we were three years ago,” the premier said. “Not everything is perfect …. for there is more to be done, but we are much better off. “
Archer said, “There is a tremendous amount of national pride tied up in being able to manage our financial affairs effectively,” as he pointed to the growth in the economy which had helped to cut the debt. “Taxing your way out of debt is not necessarily the best option; rather with economic growth comes increased revenues and an ability to pay down debt.”
He told the LA that the improvement in finances as well as the award would help with investor confidence.
The premier noted that Archer is the second minister to receive an award this year; Deputy Premier and Tourism Minister Moses Kirkconnell was named Caribbean Tourism Minister of the year by the Caribbean Journal for his “sound management and genuine concern for the visitor experience”, as well as the strong tourism numbers.
“If we had not approached this term with a solid plan of restoring not only the country’s dignity and finances, but also restoring business confidence and growing the economy, we would not be in the enviable position we are today,” McLaughlin told his legislative colleagues. “Balancing a budget with no new borrowing, creating surpluses, helping to create jobs for our people and working hand in hand with the public sector to create meaningful legislation and cutting the cost of living for all by reducing taxes.”
The premier said he was proud of Archer and all the members of his government for the progress it has made over this term.
“We have advanced the recovery of Cayman and can now look forward to the promise of the future,” he said.
See details of Archer’s award here.
Category: Government Finance, Politics
Congratulations to Mr. Archer! His award and honesty should be noted by some of the corrupt governments in the Caribbean!!
All is well in Cayman. Cayman finances are the envy of the world. Perhaps we could give Mother a little loan? Teach her how to do things?
Well he would get this award as all he did was follow what the CDP had already set up and left for him to follow!! #CDP 2017
Lawddddddd wishful thinking!
Of the ‘new blood’ politicians elected last time round Marco is the only one who has performed well.
Really?? Was simply ignoring immigration laws and regulations for sake of work permit revenues really that clever? I know many unemployed and under employed Caymanian accountants that don’t think so. Alden and Marco have established an environment where foreign workers are the entitled at the expense of the citizens of Cayman.
oh dear, pop your head this morning?
Well done for doing what you are paid to do. A queens award will soon follow. MBE or OBE?
He certainly DESERVES an award considering the mess the udp left the country’s finances in.Too bad you can’t chase HIM out of the country, mac.
He already has it in the form of a fat pay cheque a title forever, and a nice comfortable pension for life. Deserves it? Give me a break!
He deserves it more than you do for CREATING the problem while being paid a fat pay check and giving yourself a forever title, mac. We all know you is no financial expurt, bo bo. By the way, speaking of pensions, how many of those do YOU collect?
And yet Mac’s alleged legacy of pensions and titles forever has not been renounced or overturned by any member of the current government. Perhaps it is a case of the kettle calling the pot?
So you’re asking the current government to renounce a forever title that only ever existed in the hugely distorted mind of some poor misguided ego maniac?
Well done, You good and faithful servant, well done. Keep up the good works and never lose sight or be tempted so to do.
Excellent Job Minister Archer, you make us all proud!
Congratulations to Hon. Marco Archer in his accomplishments in exercising fiscal prudence in respect to the finances of the Cayman Islands Government
This is so great! I believe that Hon. Mr Marco Archer would make a fine young Premier of the Cayman Islands someday. He not only has a brilliant brain and management of our concerns, he is a person of great humble character.
Mr Marco, you make us all proud to be Caymanians! Very proud of you Sir. May the LORD bless you and your family always! Keep up the great work.
We really need National Vote in the Cayman Islands.
Well deserved. Hope he is voted in again and is able to carry in the good work.
In fact, it would make us look extremely stupid if we didn’t vote him in when he has been voted best in the region.
Congrats to all involved.
Now that’s Progressive!!!!!!!!!!
With all due respect to Marco, who is indeed qualified to hold that post, this achievement was directed by the UK ‘s FFR requirements. In 2013 at a meeting of senior CIG officials which I attended, Mr. Archer, along with the real “financial sheriff”, Mr. Ronnie Dunn, explained that Government was under directive to deliver a balanced budget by 2016 and to achieve further goals. The framework of how this was to be achieved was set out at that meeting – I’m sure there was a raft of more detailed instructions which were not shared with the general attendants.
Therefore, this achievement is nothing more than meeting a required goal, per directive. There is no way CIG could explain to the UK that this could/would not happen. Thus, any means, including accounting “smoke and mirrors”, would have been employed.
Congratulations for Marco for simply doing his job. Perhaps our previous “Finance Ministers” may not have achieved the goal.
To 9.44am Don’t knock yourself out in praising Marco. You may as well have come right out and said that you do not believe he deserved any award. Instead you prefer to give some Englishman in the FCO all the credit.Some people.
well done fco for keeping him in check…well done marco for maintaining the economic policies brought in the by the udp…… well done for sitting on your hands for the past 4 years!….
UDP economic policy….what’s in it for me, what’s in it for me , what’s in it for me..?
Thank you Marco for putting country first.
Let’s give credit where it is due and stop repeating falsehoods lest we create our own Donald Trump.
The achievements of the current Progressives led Government are outstanding especially considering the mess they inherited. The previous government UDP / CDP could not even prepare budgets on time and balanced budgets was a fantasy of Mckeeva that he never did achieve. Remember his projected surplus’s that always became deficits even after raising our taxes ?
Let’s also “call a spade a spade” and acknowledge that most government authorities and civil service departments are better run today and producing more positive results to benefit us the people than they have been in a very, very long time. Now that’s Progressive!
i am no udp fan…
but this gov inherited a surplus and have maintained that same surplus by doing virtually nothing….
they have lived off the econmomic power players that were already in place (dart, shetty, cec)….
these are facts….
Wish I could vote for Marco in the upcoming general elections in May 2017 but unfortunately I’m stuck with these doo doo’s here in West Bay.
What can we say, except that Archer also has West Bay roots.
Lets reflect and think about the fact that a significant amount of our successful business and political leaders from time immemorial have had roots in the West. Yes it had and has its problems, but does not a once largest district bring those issues, because of complexity and indeed sophistication?
Then move! LOL.
Congratulations to our finance minister for proving that the biggest employer, with great revenues, can operate in a prudent manner, avoiding big deficits, while not raising new tax revenue, and be recognized for the same by his peers.
His humility and hard work is an awesome combination
Congratulations Marco and congratulations to the staff who helped the Cayman Islands achieve this position that is so worthy of recognition.
Being the humble person I know you to be, an acknowledgement of your team seems reasonable in this instance.
@5.52 Minister Archer did in fact acknowledge the contributition of the Financial Secretary and his team , as well as Ministry staff. This was done live from the Legislative Assembly at the time of the Premier’s announcement.
Thank you for that clarification, I remember Ken being thrown under the bus by Kurt when things went south in 2009, I am happy to see that politicians don’t all line up and take sole credit when things go the right way.
Indeed Marco and his ministry staff deserve our big congratulations for the special recognition. And our heart felt gratitude for bringing the good ship Cayman back on a true financial course. Let’s not forget that the support of the Premier and his elected colleagues in the Government as well as the support and cooperation from most civil servants, boards and employees of Government Authorities would have also been necessary contributing factors.
Minister Archer I am so very proud of you. I pray for God;s continued blessings on your life and your work.