Tag: Roy McTaggart

Minister forecasts CI$168M gov’t deficit

Minister forecasts CI$168M gov’t deficit

| 27/10/2020 | 130 Comments

(CNS): Finance Committee members heard that government is now forecasting a $168.7 million deficit by the end of this year as a result of the COVID-19 pandemic. As he opened the committee hearing for the appropriation changes to this year’s budget, Finance Minister Roy McTaggart delivered the bad financial news that everyone was expecting. He […]

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McTaggart to take over PPM leadership

McTaggart to take over PPM leadership

| 14/10/2020 | 126 Comments

(CNS): Reviewing the events of the last year, Premier Alden McLaughlin launched his own and the PPM’s election campaign on Wednesday from the Legislative Assembly when he announced that the finance minister, Roy McTaggart, will be his successor as leader of the party. McLaughlin said he was running to retain his Red Bay seat and […]

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Gov’t to guarantee $millions in business loans

Gov’t to guarantee $millions in business loans

| 05/10/2020 | 43 Comments

(CNS): The government has announced a new guaranteed loan programme to help prop up medium and larger businesses in the Cayman Islands through the current economic uncertainty. Finance Minister Roy McTaggart said it was to help businesses struggling to meet operating and capital expenditure and debt repayment or re-financing.

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Minister hopes no need to use $330M of credit

Minister hopes no need to use $330M of credit

| 21/09/2020 | 36 Comments

(CNS): A consortium of local banks has been given the green light to supply the Cayman Islands Government with access to CI$330 million at a fixed interest rate of 3.25% and a flat arrangement fee of CI$2 million to put the line of credit in place. Finance Minister Roy McTaggart said the bid from the […]

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Minister optimistic about 2021 recovery

Minister optimistic about 2021 recovery

| 17/08/2020 | 56 Comments

(CNS): Finance Minister Roy McTaggart has predicted that the Cayman Islands’ economy will grow by 6.4% next year after the expected 7.2% decline in 2020, creating a v-shaped recovery. Speaking at the Chamber of Commerce 2020 Economic Forum on Friday, he said the growth estimates for 2021 were based on measures implemented by government to […]

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COVID-19 recession could lead to tax

COVID-19 recession could lead to tax

| 13/08/2020 | 397 Comments

(CNS): Finance Minister Roy McTaggart has said that if the country runs out of reserves before the tourism sector and the world economy recovers, government may have to consider taxation. Though reluctant to use the word, he said that given the current situation with the COVID-19 pandemic, things could get very tough for the public […]

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Census postponed until 2021

Census postponed until 2021

| 04/08/2020 | 6 Comments

(CNS): Finance Minister Roy McTaggart confirmed Thursday night that the national census, which had been due to begin in October of this year, has been postponed. As last week’s session of Finance Committee was in its final stages, McTaggart said that the census, which is suppose to happen every ten years, would now begin in […]

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Duty under review as gov’t faces 25% revenue loss

Duty under review as gov’t faces 25% revenue loss

| 08/07/2020 | 56 Comments

(CNS): The finance minister has revealed that government is planning to make amendments to the Customs Tariff Law and will also consider a motion put before the Legislative Assembly seeking the removal of duty on medical supplies as part of that review. But Roy McTaggart warned that any duty reductions are unlikely to happen while […]

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Ministry waives $7.5M in duties

Ministry waives $7.5M in duties

| 30/06/2020 | 20 Comments

(CNS): The Ministry of Finance and Economic Development gave away some $7.5 million in stamp and import duties during 2019, Finance Minister Roy McTaggart told the Legislative Assembly Monday as he presented the ministry’s 2019 annual report. The minister said staff had processed 831 requests for waivers, though he did not say how many had […]

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Gov’t revenue plummets to record low

Gov’t revenue plummets to record low

| 28/05/2020 | 139 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 | 115 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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