UK approves PPM’s new plan
(CNS): A revised four year plan submitted to the Foreign and Commonwealth Office by the Cayman Islands Government earlier this month has been approved, the premier’s office revealed in a statement Tuesday. The UK's overseas territories minister, Mark Simmonds, wrote to Alden McLaughlin last Thursday giving his approval for the plan, which the government said it had submitted on 15 August. However, few details have been revealed or how it differs from the plan submitted bythe previous government. The premier’s office did state, however, that there were no new borrowings and the plan included continued repayment of existing loans and zero inflationary revenue measures.
According to a statement, government is the “facilitator of economic growth through its support for various private sector initiatives” but it does not propose any major capital expansion programmes, revenue measure or “silver bullets” to be successful. The plan will be unveiled when it presents the 2013/14 full year Budget in late September.
McLaughlin said he welcomed the UK’s approval of the plan after its first submission and that it would see an end to the anxiety that had been associated with the preparation of the country’s budgets during the UDP administration.
“It demonstrates the positive results that can be achieved when processes are followed and a logical, credible and consultative approach is taken toward fiscal planning,” McLaughlin said.
“I am extremely pleased that we are able to put behind us the uncertainty and anxiety that has attended the budget process over the past four years. The country now has a four-year plan that provides certainty and stability to the government’s future fiscal planning and provides challenging but realistic targets,” he said.
The CIG would now be able to look long-term at plans and projects rather than having to focus on short-term, short- sighted plans, he added.
McLaughlin said government had not talked publicly about the work to develop the plan but itwas a culmination of weeks of meetings between the elected government, the finance ministry and key stakeholders across the entire public sector.
“From those meetings, a fiscal plan was devised that is credible, sustainable and provides the necessary trajectory for us as a country to meet the fiscal targets outlined in the Public Management and Finance Law,” the premier added, as he thanked Finance Minister Marco Archer and his team for their diligent and hard work.
The plan, which has been given the OK by the British government well ahead of government’s presentation of the full 2013/14 Budget set for the end of next month, outlines Cayman’s global fiscal targets for the next four budget years and the strategies that will be employed to achieve them and gain compliance with the fiscal ratios contained in the Public Management and Finance Law (2012 revision), officials indicated.
With an initial aggressive reduction in public sector operating expenditure, the plan sets out significant increases to government’s cash reserves, no new borrowings, continued repayment of existing loans and zero inflationary revenue measures.
The premier’s office said that Simmonds welcomed the commitment to fiscal planning and to achieving the key debt ratios agreed in the Framework for Fiscal Responsibility by the end of the financial year 2015/16. He also approved the top-down multi-year approach to fiscal planning taken by the government, which he believes will be a powerful tool for sustainable public expenditures and revenues.
“Based on this level of detail planning, the UK was able to approve the Plan on its first submission, which is a testament to the hard work that was put into its development,” the premier’s office stated.
Category: Politics
Blah blah blah. Alden when you gonna start reversing these taxes? Man I am barely surviving. Also when are you going to pass the retirement extension term. Lots of people are being released from work due to the 60 year age limit. Three months later and nothing has changed! Everything still expensive and people being let go! There's an urgency here Mr. Premier!
If you keep them on there will no jobs for the younger ones.
Ok, lets put aside the natural inclination to shoot down everything public sector or political for a second. Can we not simply give credit where credit is due? The Government has taken steps to go about this the right way, they made their plan, sent it to the UK on time, did not engage in a public rant calling the Governor a hit man and saying the UK wants to destroy us. They just sat quietly, worked it out and now has it approved.
Rather than immediately throw cold water on it, if the plan is favorable to the country (and from the description it sounds like it is) why don't we now move on to hold the Government accountable for its delivery? A budget is a plan, its not a crystal ball, its not a prediction, it is simply a set of goals that the Government is going to work towards achieving.
It is fun to hide behind the curtain and mock and cast doubts and allegations, however, in my opinion, it is much more helpful for the populace to try and support the Government to achieve what both Cayman and the UK have agreed is in the best interest of the citizens of this Country. May not seem obvious, but to me, doing so would be of greater benefit to all of us.
Lets get down to brass tacks. the UK Government clearly has a vested political interest in that they assisted the Progressives in throwing out the UDP, because of the various encounters with the previous administration and opposing views on matters of our own "internal affairs" ( a topic for another time). It has been sodistinctly obvious that it begs questioning, The Governor conspiring with the PPM, the PPM conspring with the UDP break out team , the Governor visiting our election polling stations, giving orders and suggestions, under the guise of accompanying the Obsevers, observers from the commonwelath being brought in, ballot boxes being conspicuosly delayed in coming into the counting facilities,Tempura etc etc.
British subterfuge is nothing new and the past Premier stood stoic and could have been more diplomatic and thats why the disdain for him came about., The new Premier must understand that while his Ministers worked extremy hard to get the package prepared and now approved( KUDOS TO ALL), it stands to reason that the UK had no other alternative but to approve it. no matter how dressed up the Budget is, it is the problems that have been created by us over the past twenty or so years of over indulgence, lack of cohesive policies and lack of understandig our economic base/model that have brought us to our knees. I find it hard to believe that the people or rather the Leadership over the years including the PPM present and past who have put us to where we are are the right people to lead us out of the mess we are in.
There will be further testing of the PPMs mettle if they are unable to fire up this economy, provide jobs and train up people who at this time dont have all the neccesary skills to take on some of these permit posts. Once all is rosy, Mother will put her hand out and tap you and say well done ole chap. Just dont carry out what they have told you you must do and you will feel and see the Tomato like countenance they will display to your plans.
Do not bow unless you are looking att them in the eye.
Do you really think Cayman is even on their radar? They have much bigger fish to fry right now..and we here have an overblown sense of our importance to the UK…frankly we are nothing but a pain in the butt to them, however as long as the majoirty want to remain a BOT that is what will happen. The price is–financial stability. And that is not a bad thing at all…plenty of examples of those who go independent and become failed states…Jamaica, Guyana, plus a few more..
Lets not forget that these are the same faces that proclaimed Cayman wouldn't be affected by the financial crisis in 08/09 and simultaneously started building million dollar schools and GOAB with seemingly no idea what the life time cost of completing these and maintaining them would cost this country. An ommission which almost brought direct taxation to these Islands.
Same old Mckeeva sing song. The only one who almost brought direct taxation was Mckeeva Bush.
true story…. even the village idiot (mac) told them what would happen….
Actually they are not all the same faces at all. We have 5 Ministers (Moses, Marco, Wayne, Tara, and Osbourne) who were not Ministers then.
Such a shame. Not a single change should have bene considered until proper accounts are produced. The position is much worse than portrayed.
Good work team.
Thanks to Marco and his knowledgeable team of financial industry veterans like Roy for doing what appears to be a superb job in putting this package together. Normally I would have been somewhat skeptical over the seemingly "carte blanche" approval of the UK government, given to this first submittal of the FFR. But knowing the passion and the desire that exists among Marco and his team, to eliminate our deficit and get us back on a sustainable financial footing, I feel quite confident in saying that I'm once again hopeful that the financial future of our Island is in good hands!
I do believe that with educated and intelligent men and women as this group is, and they being aware of the fiasco created by previous Governments, they realize that, to not bite the bullet, and rein in some of the extravagance that has gone on for so long will lead strait to one place and one place only. That place is called "FINANCIAL PURGATORY".
FRUGALITY is such a wonderful habit, and it should be employed often, especially when dealing with the finances of the people. We have placed our faith in our elected members to handle our finances carefully, so we're begging all those persons working within Government who are involved in "setting out annual budgets" for any ministry, department or authority, to please take the time necessary, to find all the waste that has plagued us over the past decades. And the people will thank you. I DO!
Plans are all well and fine.
The proof of the pudding is in the execution of the plan.
My fingers are crossed and I am somewhat hopeful.
meanwhile in the real (ppm) world….. island companies have just shut all stores in the landmark building…….
Hmmm, let's see how much the Government paid to have this plan developed now, some accounting firm probably made a killing.
The real reason why the UK approved the PPM's new plan is because they trust the PPM. The UK is no longer dealing with the dictatorial style of the UDP & it's combative & antagonistic leader. The UK understands that they are now dealing with ladies & gentlemen who are willing to sit down & negotiate without being hatefully demanding. They know they are dealing with Cayman leaders (legislators) who have the country's best interests at heart. "What a difference a day makes" & May 22nd 2013 sure made a great & positive difference for our beloved Cayman Islands, & the UK reconizes this fact & acts accordingly, thank GOD!
The UK trust the PPM,yea right,poor ole you.
8 people so far laughed at your comment. No offence brother but you are in serious denial. Do not make the mistake so many others have made all along in thinking and in believing the PPM are our saviours. This is wrong. They were the ones who initially dug our grave back in 2005-09. REMEMBER the facts. They were the first administration to have spent so much leaving the country in a complete and utter disaster financially. Oh, but its 2013 now and they are back to save the day. LOL. HA!!!!! Good one! :-/
what exactly is the plan here ?? or i'm i missing something.- the plan ??
Great! We need to get people back to work Mr. Alden, We’re still counting your 100 days in office & what you promised!
Gt
I have written to the Nobel Prize Committee requesting that two Nobel Prizes be awarded to Caymanians.
The first one goes to Mckeeva for his commitment to squandering our tax payer's money.
The second one goes to Alden for creating the concept of:
'Zero Inflationary Revenue Measures' (ZIRM)…
Only wondering if we should prepare the same for the UK?
Lord knows they need some help.
🙂
I knew he would not be able to help himself and whodatis did not disappoint! What he misses, because he chooses too, is The Uk can say the exact state of its finances and has reduced expenditure drastically on the path to balancing its budget. Cayman can't even tell us exactly where it is financially or produce audited accounts. Stones, glass houses come to mind. Still, guess I should not mock the afflicted, he knows not what he does.
The more worrying concern for you should be – what would you be without Whodatis?
You requested me, remember?
Anyway, the UK can produce a limitless number of economic miracles simply because they have a limitless supply of printable economy, lol! (Conclusion: The UK economy is in the toilet – please don't go there.)
Regardless, are you British? Why are you even on this thread today? Wouldn't it be more useful to direct your energy toward stopping your corrupt British government from yet another illegal military invasion (Syria)?
My, my – that is one impressive propaganda machine you guys have going over there! And with the minister "responsible" for Cayman at the helm – William "Elmer Fudd" Hague himself, no less.
However, I can understand why you are more concerned with the issues of my beloved Cayman … it is a more civilised existence here isn't it?
Regardless of the state of either the UK nor Caymans economy, one truism remains in place and that is where each sits in the power hierarchery. And as you know the UK is on top. End of story.
That is what truly grates you. Continue leading your BOT on the march to independence. Go on…
Excellent BS, best I have seen by your standard Whodatis…a man who will not stand up for people being gassed…what a brave heart you are. And what did you do to get Cayman in order whodatis? Crtiicise the UK at every opportunity? wow thats gonna impress your grandkids-go do something useful for a change…although have a feeling you would not know what that could be
Please do not dissuade Whodatis from posting.
I have incorporated hitting the troll button on his posts into my daily exercise regime and my right index finger has never been in better shape. I'm working on doing it with my nose to encourage me to take on much needed sit-ups.
Thank you Whodatis, keep it up.
He knows what he does, does our little troll-boy.
Of limited comfort given the lack of proper accounts. How many years has it been?
Waiting for whodatis to blame the UK for something here, not quite sure what it will be, but I am sure he will not disappoint…
What did we do in your dreams last night baby?
Admit it, I am your obsession … and that of your like-minded supporters.
– Whodatis
xoxo
Get over yourself, Miley.
You severely overrate yourself whodatis. Psychotically so in my professional judgement. Get some help, quick.
THe DEvil is in the details, lets see them.
Hoorayyyy………….4 more years of "ramblings of nothingness"
If it is so great why have the PPM chosen not to be open and transparent on the details of the proposals? Good news should come with full disclosure. I want to be positive but every week there are proclaimations from the Premier's office that amounts to nothing besides plan soon come and wait and see in all areas of government from policy to implementation.
Hey Bill, not sure if you read the story but you have a few weeks before they release the plans, deep breaths, woosa…..
"The plan will be unveiled when it presents the 2013/14 full year Budget in late September."
sounds an awful lot like one of mckeeva's pretend budgets….. we'll see how it goes…
Actually it doesn't sound like McKeeva's budgets at all. It sounds like they have approached this professionally and it has received approval from the UK, but we'll see.
Mckeeva's original 4 year budgetary plans and commitment to FFR was also accepted by FCO without full accounts so let's just wait and see if the PPM can achieve something now that it is their turn
After how many revisions? Do you not recall that??