Government Finance
$45.5M spent since 2021 buying land for crown
(CNS): Since coming to office in 2021, the Cayman Islands Government, initially PACT and then UPM, has spent at least CI$45.5 million on acquiring more than 60 pieces of land, most of which were bought over the last 18 months. CI$12 million has been spent in Cayman Brac alone, over $2.1 million on Scranton Park […]
CIG debt under control but liabilities still pose problem
(CNS): The Cayman Islands Government’s debt currently stands at $429.9 million, with $48.1 million due within one year, according to the CIG’s latest unaudited accounts published earlier this month. This figure is well within the requirements of the Public Finance and Management Act, with a net debt ratio of just 17.5%, while the law allows […]
Financial sector continues to fill government coffers
(CNS): At the end of June, the Cayman Islands Government, including all its public authorities, was running a massive surplus of over CI$216 million, according to the unaudited accounts at this year’s halfway point. This has been fuelled largely by much higher revenue than forecast from the financial sector. The surplus is expected to decline […]
CIG healthcare bill still soaring with no plan in sight
(CNS): The public purse is still picking up a gigantic tab for soaring healthcare costs, but with only six months left before a general election, the UPM administration will become the latest in a long line of governments that have failed to address the healthcare insurance system that sees the taxpayer pick up the tab […]
Gov’t considering how to cut fuel costs and light bills
(CNS): André Ebanks, in his role as acting finance minister, said the government was considering ways to help people face the cost of living crisis and high summer power bills. But a relief programme like the one that was rolled out in 2022 would now cost around $8.6 million. Opposition Leader Roy McTaggart has called […]
CEO bemoans meagre pension for CAL staff
(CNS): Retired Cayman Airways Ltd (CAL) workers are facing a bleak future as the private pensions they accumulated are nowhere near enough to live on and they do not have post-retirement healthcare. Answering a question at the Public Accounts Committee hearing last week from Bernie Bush MP (WBN) about former airline staff struggling on meagre […]
$144M spent in five years helping locals into work
(CNS): The Cayman Islands Government spent close to CI$144 million over five years (2019 to 2023) on efforts to get Caymanians into work, but a report by the Office of the Auditor General found little evidence that any of the various programmes and attempts to remove barriers have actually impacted the unemployment rate. The report […]
Offshore sector fuels early extra surplus for CIG
(CNS): The Cayman Islands Government started the year with a surplus of over CI$260 million, much more than the $214.1 million it was expecting due to higher than forecasted revenue and lower than predicted personnel costs during the first quarter of 2024. According to the unaudited financial results for the period, core government collected $27.4 […]
‘Fierce advocate’ leaving after eight years at OAG helm
(CNS): After eight years as auditor general of the Cayman Islands, Sue Winspear will be stepping down from the post before the end of the year. Governor Jane Owen described the first woman to take on the challenging role as “a fierce advocate” who held people to account over the expenditure of public cash. Winspear […]
PPM pushes for cost details of CAL’s Barbados route
(CNS): Following the cancellation of Cayman Airways’ Grand Cayman to Barbados flights, the PPM is calling on the UPM government to provide a detailed report on any financial losses the airline incurred as a result of this short-lived route. In an audio statement, Opposition Leader Roy McTaggart called for “transparency regarding the costs associated with […]
McTaggart makes pitch to voters over economy
(CNS): Ten months ahead of the expected start of the 2025 election campaign, Opposition Leader Roy McTaggart has begun campaigning in earnest based on the party’s previous time in office. In a political message, McTaggart, who was finance minister during the last PPM administration, claimed that his party had successfully managed the economy when in […]
