Tag: Roy McTaggart

Gov’t revenue plummets to record low

Gov’t revenue plummets to record low

| 28/05/2020 | 94 Comments

(CNS): Following a very successful start to the year and a bigger than expected surplus in the first quarter, everything changed in just one month for government revenues. Finance Minister Roy McTaggart reported on Wednesday that after spending $68 million but collecting only $23 million, a drop of $26 million on what was budgeted, government […]

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Local economy could contract by over 12%

Local economy could contract by over 12%

| 27/05/2020 | 110 Comments

(CNS): The Cayman Islands’ economy could contract by as much as 12.2% this year, according to Finance and Economic Development Minister Roy McTaggart. The gloomy forecast for the country’s short-term economic fortunes was not unexpected, but with the reality of a 19% unemployment rate, government will now need to create public sector jobs and fund […]

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CIG secures $153M loan at 3.25%

CIG secures $153M loan at 3.25%

| 20/11/2019 | 33 Comments

(CNS): Finance Minister Roy McTaggart revealed that Butterfield Bank has won government’s tender for a new loan to partially replace the bond debt that it will pay off in full this Friday. As Finance Committee opened Wednesday, the minister explained the 10-year-old US$312 million bullet bond will be cleared at the end of the week […]

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Local jobless rate at 4.8%

Local jobless rate at 4.8%

| 14/11/2019 | 138 Comments

(CNS) UPDATED: According to the 2019 Spring Labour Force Survey, compiled by the Economics and Statistics Office, the Cayman Islands’ overall unemployment rate increased from 2.8% in the Autumn 2018 report to 3%. However, this is an improvement on the Spring of 2018. Reading from the latest survey, Finance Minister Roy McTaggart revealed that the […]

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Business and public can tackle inflation, says minister

Business and public can tackle inflation, says minister

| 11/11/2019 | 45 Comments

(CNS): Having painted a bright picture of Cayman’s economic fortunes as he delivered his Budget Address on Friday, Finance Minister Roy McTaggart called on businesses and shoppers to address Cayman’s continuing inflation problem. With GDP expected to grow by more than 2% over the next two years, McTaggart said inflation will also be growing at […]

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Minister presents billion dollar budgets

Minister presents billion dollar budgets

| 08/11/2019 | 33 Comments

(CNS): Finance Minister Roy McTaggart has forecast that the government will collect CI$825 million in revenue during 2020 and spend almost $760 million in its first ever US$1 billion budget. But that record-breaking earnings and expenditure will be broken again in 2021, when the minister is predicting the government will collect almost CI$850 million in […]

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CIG to cut proposed loan for bond pay-off

CIG to cut proposed loan for bond pay-off

| 19/08/2019 | 28 Comments

(CNS): The Cayman Islands Government has confirmed that it will meet the bond payment of US$312 million (approximately CI$261.3 million) that is due to be repaid on 24 November this year and may not need to borrow as much as previously anticipated to pay off that bond and still maintain its cash flow obligations. As […]

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CIG surplus surges to $200M

CIG surplus surges to $200M

| 12/08/2019 | 57 Comments

(CNS): Domestic levies on goods and services, such as bank licences and accommodation tax, has led to a much larger surplus than government had anticipated at the halfway point for 2019. The latest audited accounts from government show that the public purse took in 65% more than previously budgeted, resulting in another boost to the […]

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Cargo port could curb inflation, claims minister

Cargo port could curb inflation, claims minister

| 19/06/2019 | 63 Comments

(CNS): The finance minister came up with a new justification for the cargo element of government’s controversial cruise berthing project Wednesday, as he addressed members of the Cayman Islands Chamber of Commerce. Roy McTaggart noted that the increase in inflation was a reflection of Cayman’s successful economy and its “high level of activity”. But, he […]

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Inflation averaged 3.3% in 2018

Inflation averaged 3.3% in 2018

| 27/05/2019 | 4 Comments

(CNS): A fall in the country’s inflation rate in December led to an average rate for 2018 of 3.3%, as the consumer price index fluctuate wildly last year from a high of almost 5% at the end of June to a drop to 1.7% at the end of the year. The problem of inflation continues […]

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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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