Tag: Roy McTaggart

Minister to face Qs from business community

Minister to face Qs from business community

| 13/05/2019 | 3 Comments

(CNS): The Chamber of Commerce is hosting a forum this month where members of the business community will be able to ask Finance Minister Roy McTaggart questions about government’s finances and the economic policies that his ministry is considering. The opportunity follows news from government that the public coffers are full after revenues were up […]

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Government coffers overflowing

Government coffers overflowing

| 13/05/2019 | 43 Comments

(CNS): The Cayman Islands Government appears to be on track for another year of significant earnings, with the public purse bursting at the seams, according to the unaudited financial results for the first quarter of this year. Figures released by the finance ministry reveal that, following news that government collected a whopping CI$830 million in […]

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Public pension liability ‘not cause for alarm’

Public pension liability ‘not cause for alarm’

| 23/04/2019 | 32 Comments

(CNS): Finance and Economics Minister Roy McTaggart has said that the historic liability in the public pension funds will be met, so the current $197.2 million deficiency is “not a cause for alarm”. As the minister presented the latest actuarial reports for these plans to the Legislative Assembly earlier this month, he said the liability […]

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$100M surpluses forecast for next 3 years

$100M surpluses forecast for next 3 years

| 15/04/2019 | 28 Comments

(CNS): Over the next three years core government is forecast to have operating surpluses of near or over $100 million, as Finance Minister Roy McTaggart predicts that Cayman’s economy will continue to grow by at least 2% per year from now until 2022. As he delivered the facts and figures to support the government’s strategic […]

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Gov’t expecting boost to coffers this year

Gov’t expecting boost to coffers this year

| 12/04/2019 | 20 Comments

(CNS): The government is expecting to increase revenue significantly next year over and above the originally forecasted earnings. Last week legislators voted to appropriate over $93 million more for public spending this year but the government is still expecting a surplus of more than $60 million. Despite voting an additional $53 million in operating expenses […]

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Gov’t adds tens of millions to 2019 budget

Gov’t adds tens of millions to 2019 budget

| 10/04/2019 | 30 Comments

(CNS): Finance Minister Roy McTaggart has said that the additional tens of millions of dollars of appropriations voted through Finance Committee yesterday for the 2019 fiscal year will still leave government with an operating surplus of around $67 million. The minister also said that the change to the budget does not break any of the […]

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Premier to deliver latest policy statement

Premier to deliver latest policy statement

| 29/03/2019 | 12 Comments

(CNS): Premier Alden McLaughlin will be delivering his government’s Strategic Policy Statement for 2020 and 2021 some time next month after the Legislative Assembly meets Wednesday for the first time this year. The statement will set out the government’s broad spending priorities for the next two years, paving the way for the budget process to […]

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CIG working to offset inflation, says minister

CIG working to offset inflation, says minister

| 12/02/2019 | 65 Comments

(CNS): Finance Minister Roy McTaggart said government was “committed to continuously looking for ways to offset the burden of inflation on the average Caymanian”, in response to CNS enquiries about the issue, which has raised real concern among readers. The minister told us that the rising prices Cayman faces are largely external in nature, driven by international […]

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Building duty cuts roll on despite economic boom

Building duty cuts roll on despite economic boom

| 20/12/2018 | 26 Comments

(CNS): Government has confirmed that the 15% import duty concessions on building materials imported to Grand Cayman will continue next year, despite the current development boom and what the finance ministry called the “robust investments” in Cayman’s economy. The duty cut was originally implemented to encourage development during the recession, but according to the latest […]

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CINICO faces review as CIG pours in cash

CINICO faces review as CIG pours in cash

| 15/11/2018 | 30 Comments

(CNS): The finance minister has said the Cayman Islands National Insurance Company (CINICO) is undergoing a review to see if it is fit for purpose. Roy McTaggart told his colleagues in the Legislative Assembly on Wednesday that the government-owned insurance company was under strategic analysis to arrive at some recommendations for government about its future.

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Local economy heating up with 4% growth

Local economy heating up with 4% growth

| 22/10/2018 | 37 Comments

(CNS): The local economy is growing much faster than predicted, and while this is good news for business and government coffers, the increased economic activity across all major sectors is fuelling inflation. Gross domestic product was up 4% in the first quarter of 2018, and consumer demand led to the highest second quarter growth in imports since 2005 […]

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