🏗️ UPM government defends public project spending amid criticism

Premier Juliana O’Connor-Connolly defended the UPM government's first budget, stating that the public spending on capital projects over the next two years is about "playing catch-up" with the local infrastructure. This is due to a significant population increase over the past few years. O’Connor-Connolly, who has been a part of nearly every government since her election in 1996, blamed "previous generations" for not foreseeing the country's infrastructure needs. 🏢

The UPM government has faced criticism for its planned spending on starting, continuing or completing major projects. The premier has defended the budget multiple times, stating that the country is trying to build roads, houses, schools, waste management facilities, and more to cope with a population that has grown faster than the infrastructure. She also stated that the planned capital projects are not only trying to catch up but also to prepare for future growth. This is referred to as 'future-proofing'. 🚧

However, it's not just the amount of money the government plans to spend on new infrastructure that has been criticized, but also the borrowing to fund it. The premier stated that while the new capital projects are to be funded with $150 million in loans, this will not "unfairly load future generations of Caymanians with a burden of public debt". The added borrowing will not push Cayman’s debt-to-GDP ratio beyond 10%, as required by the Public Management and Finance Law. This makes it one of the best debt ratios in the world. 💰