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FCO Examines Finances

HE the Governor, Mr. Duncan Taylor, CBE.

Mr. Andrew Paterson, newly appointed Economic Advisor at the Foreign and Commonwealth Office (FCO) will be visiting the Cayman Islands between the 20th and 29th March 2010 to undertake a review of the economic situation and public finances.

He will be accompanied by Mrs. Carole Pretorius from Oxford Policy Management, an independent consultancy.

This will be the latest in a series of routine annual Economic Review visits, not directly linked to the meetings with the Premier's delegation in London last week (on which see for more details).

Although this will be the first visit by Mr. Paterson to the Cayman Islands, Mrs. Pretorius has visited Cayman on three previous occasions with the FCO Economic Advisor.

As in previous years, the aim of this visit is to meet key stakeholders in the Cayman Islands to deepen the FCO's understanding of the challenges faced and to consider what is needed to promote financial and economic stability over the longer term.

Mr. Paterson will be interested to examine the Cayman Islands Government's performance in relation to the existing borrowing guidelines for OTs, compliance with the conditions attached to additional borrowing this financial year, and medium term plans for public finances.

The team will meet with government officials, politicians and private sector representatives to discuss the current economic and financial situation, progress on policy benchmarks, policy priorities and outlook for 2010-11 onwards.

The team will also take the opportunity to discuss how things are shaping up with the draft three-year plan to deliver sustainable public finances.

It should be noted, however, that the plan will be developed domestically, with neither Mr. Paterson nor Mrs. Pretorius involved in the drafting of it.