While Premier Dr. Orlando Smith was pushing for a say in the United Kingdom’s Brexit discussions with the European Union, Cayman Islands Premier Alden McClaughlin was lobbying on another issue last week during the Joint Ministerial Council in London.
According to the Cayman News Service, Mr. McClaughlin began discussions with Foreign and Commonwealth Office officials about the need to revise the territory’s Framework for Fiscal Responsibility — a document that is very similar to the Virgin Islands’ Protocols for Effective Financial Management — which sets out guidelines for how government is to manage its budget and carry out public projects.
Mr. McClaughlin is reportedly seeking amendments to the Cayman’s FFR in order to “streamline the processes of project assessment and delivery.”
“The premier also implied that it was creating challenges for projects such as the cruise and cargo dock, and the waste-management plan,” the Cayman News Service reported last week.
According to the Economist Intelligence Unit, Cayman’s government is arguing that the FFR’s requirements to conduct required studies on its cruise pier project — what’s referred to as a “business case” in the VI Protocols — is causing unnecessary delays.
“Technical advice, not restrictions, is what Cayman needs to further diversify its economy, [Mr. McClaughlin] argues, citing his government’s success in reducing the public debt,” the EIU stated.
See the Nov. 10, 2016 edition for full coverage.
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