Tag: Chris Saunders
Shoppers should now see impact of duty cuts
(CNS): The waiver of import duty on essential products for children, women and adults with medical conditions, including baby food and diabetic supplies, should now begin to impact prices on the shelves. The PACT Government’s decision to cut the 22% duty on a number of items came into effect more than two weeks ago, on […]
Saunders defends new CI$350M borrowing plans
(CNS): Finance Minister Chris Saunders (BTW) defended the PACT Government’s plans to borrow just under CI$350 million over the next two years, pointing out that the pre-election forecast financial statements released by the previous administration had outlined plans for borrowing around $330 million over the next two years, and had projected a deficit of more […]
Speaker shuts down budget debate early
(CNS): Speaker McKeeva Bush took a hard stand with opposition member Joey Hew (GTN) on Monday night, when he ruled that he stood too late and threw the debate back to Finance Minister Chris Saunders to wrap up. Bush accused MPs of playing games, as it is common for opposition members to wait until the […]
2021 public spending $186 million over budget
(CNS): Government was supposed to have spent no more that CI$764 million over the last twelve months, but largely as a result of the COVID-19 pandemic, public spending has soared. As of 25 November, the finance ministry was predicting that by the end of the year core government spending will have exceeded $950 million, some […]
PACT forecasts CI$15M deficit for 2022 budget
(CNS): Government is expecting a net deficit of CI$15.8 million for the Entire Public Sector in 2022 as a result of an anticipated loss by public authorities, but Finance Minister Chris Saunders is predicting an overall surplus of over $8.5 million in 2023. In the Budget address delivered Friday, he said it was not ideal […]
Cabinet approves extension to pension holiday
(CNS): The suspension of the mandatory requirement for employers and workers in the private sector to pay into a pension scheme has been extended again. In a press release from government on Wednesday, officials said that, in accordance with the National Pensions (Amendment) Act 2020, a Cabinet Order has extended the national pension holiday for […]
PACT to deliver its first budget on Friday
(CNS): The government will be meeting in the House of Parliament on Friday to present the Throne Speech and the finance minister’s first budget, which will cover the next two financial years. This will be the second meeting of the 2021/2022 Session of Parliament since the PACT government was formed, and while the public is […]
CI$1 million set aside for isolation stipend
(CNS): The government has approved one million dollars in funding for an ex gratia stipend for Caymanians and permanent residents who cannot work because they are required to isolate as a result of COVID-19. The stipend will be available through the end of the year, according to Finance Minister Chris Saunders. This will mostly impact […]
Vaccine mandate for work permit holders in effect
(CNS): Immigration and border control legislation passed in Parliament last week has been brought into force, which means that being vaccinated against COVID-19 is now one of the conditions for new and renewal applications for work permits as well as a number of residency applications. A vaccine verification certificate will now have to be added […]
Saunders signals significant immigration changes
(CNS): Changes are coming to the point system and other parts of the immigration law to “make sure that Caymanians return to their rightful place”, Deputy Premier Chris Saunders told Parliament Monday, as he urged the opposition to “save their fighting”. Heralding policy changes that would put local people ahead of guest workers and responding […]
Financial sector fuels government surplus
(CNS): Government coffers are still running a surplus even at a time of year when government revenue usually falls off dramatically, Finance Minister Chris Saunders revealed Thursday. He said that fees coming in from the financial services sector this year have prevented government from going into a deficit in the second half of the year, […]
