GRAND CAYMAN, Cayman Islands – The Budget Address, Throne Speech and Government’s Policy Statement will be presented at the State Opening of the Legislative Assembly on Monday, 7 October 2013.

 

Debate on the addresses will be deferred until Thursday, 10 October, 2013, when members will begin debating the fiscal year budget for 2013/14, which the Foreign and Commonwealth Office approved Tuesday.

 

“We have put in many long hours, thought and debate in bringing this budget together. Once again we have demonstrated what can be achieved when a logical, credible and consultative approach is taken toward fiscal planning,” said Premier Hon. Alden McLaughlin. “I want to thank Finance Minister Marco Archer and his team for all of their diligent and hard work during this process,” Mr. McLaughlin said.

 

Working alongside Minister Hon. Marco Archer were Financial Secretary Ken Jefferson, Director of Budget and Management in the Treasury Ronnie Dunn, Deputy Financial Secretary and Chief Officer Sonia McLaughlin, Senior Assistant Financial Secretary Michael Nixon and other members of the Finance Team.

 

Economic Advisor Richard Holmwood was in the Cayman Islands last week to review the budget with Government officials.

 

Overseas Territories Minister Mark Simmonds sent a letter Tuesday to Mr. McLaughlin agreeing to the budget.

 

“I am writing to convey my agreement to your Budget, in line with the procedure we have agreed in the Framework for Fiscal Responsibility and to welcome the continued constructive engagement between the UK and the Cayman Islands Government,” he penned.

 

“Once again the UK was able to approve the Budget on its first submission, which is a testament to the hard work that we put into its development,” said the Hon. Premier. “This never happened in the past two administrations.”

 

In August the UK approved the Government’s four-year fiscal plan covering the years 2014/14 to 2016/17 on its first submission.

 

On-going commitments from the Progressives Government include the following:

• Continuation of the Budget Delivery Committee, which is led by the Deputy Governor

• No supplementary expenditure appropriations

• An enhanced financial management framework

• Adherence to the agreed temporary overdraft limit for seasonal swings in cash flows

• No new long-term borrowing

 

Mr. Simmonds said the FCO, in line with the White Paper of 2012, stands ready to provide the Caymanian Government with any assistance needed to help uphold its commitments.

 

He will travel to the Cayman Islands in November to further discuss the Progressives Government’s plans for economic growth and public sector reform.