Public spending should begin falling, says Saunders

Public spending must start falling, says Saunders

Finance Minister Chris Saunders at the Chamber of Commerce event

(CNS): The Cayman Islands Government expects to collect more than CI$1 billion in revenue by the end of 2022 but also to spend close to one billion for the first time in its history, Deputy Premier and Finance Minister Chris Saunders said Wednesday, stating that public expenditure must begin to come down. He said the country had not yet reached the point where the line of growing government spending had exceeded the line of economic growth but if it doesn’t slow down, those lines will cross.

However, speaking to the business community at a Chamber of Commerce luncheon event, Saunders announced the likelihood that the fuel subsidy that the government had implemented throughout the summer to keep CUC’s fuel factor at 15 cents would likely be extended, adding more than $1.5 million to this year’s spending plan. The subsidy to CUC has so far racked up more than $5 million of public cash. But this had…