Cayman Premier aims for zero public debt
Friday February 25 2011 | 05:20 AM
Premier, the Honourable McKeeva Bush aims to have zero public debt for the Cayman Islands.
Whatever Jersey's doing to keep its finances in check, the honourable premier wants to give it a try. For instance, Jersey's government has not borrowed for decades and has zero public debt.
"It is a position and a philosophy in respect of public finances that I would like the Government of the Cayman Islands to achieve," Mr. Bush said.
That stuck with him based on Cayman's debt situation, which has moved from $142 million in 2005 to about $560 million at the end of January 2011. It is estimated by June – Cayman’s debt could reach as high as $626 million.
"If we were to consider only Caymanians, the debt per head would be approximately KYD $20,000," Mr. Bush said.
With London stopping the government from more borrowing in the next financial year, the money must come from somewhere. So Mr. Bush sees state assets like the Water Authority and a sewerage system as fair game.
"The strategic use of our public assets is extremely important for the future success of our economy," Mr. Bush said.
Mr. Bush also said he prefers privatisation instead of taxes.
"And the option of government obtaining additional resources by means of revenue enhancement measures is not an optimal choice. It will not happen."
The Premier is also banking on major private projects to breathe some life into the economy.
NEWS ARCHIVE
Article compliments Cayman 27
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