🏦 Governor Owen confident about Cayman Islands' upcoming budget

Governor Jane Owen has expressed confidence in the Cayman Islands' upcoming budget, dismissing worries that the UK may intervene in the territory's public finances. The PACT Government is set to present its final budget for this administration next month, with public spending expected to exceed CI$1 billion in both 2024 and 2025. Despite this, Owen is not concerned about the risk of the Cayman Islands falling foul of public finance legislation and the UK stepping in. She commended the Cayman Islands on their solid financial track record and stated that the UK has seen the territory manage its finances well. 📊

While there are currently no discussions between the UK and Cayman governments about changes to the Public Management and Finance Law, Owen is open to facilitating such talks. She believes that these conversations are worth having, particularly in relation to the environmental challenges that the Cayman Islands will face. Premier Wayne Panton has suggested renegotiating some of the Framework for Fiscal Responsibility limits to help the territory navigate costly mitigation measures needed to protect the islands from climate change. Owen fully supports the jurisdiction in tackling these challenges and noted that the UK's support will not only be financial but will also include technical expertise. 🌍

Owen also highlighted the Cayman Islands' recent decision to join the Blue Belt Programme and the benefits already received from the Darwin Initiative. She revealed that Britain will be taking a delegation of BOT representatives to the UN Climate Change Conference (COP28), which will take place from 30 November until 12 December in the United Arab Emirates. 🌊