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4 Sep 2009

Cayman Islands Current Financial Position, Not Bankrupt

In a statement outlining the Cayman Islands financial position, the Hon. McKeeva Bush, Leader of Government Business/Premier Designate issued a statement regarding recent media coverage suggesting that the Cayman Islands is bankrupt, "we can confirm that these accusations are incorrect," she said.

Although Cayman’s two main industries, tourism and financial services, are significantly affected, "we are confident that the strength and resilience which has contributed to Cayman’s significant growth over the past 40 years will continue to serve the country well."

The Government’s efforts include the cutting of Government expenditure, customs duties, licence fees, and a number of other indirect taxes.

The government has also implemented an aggressive inward investment programme through private sector partnerships which will result in a number of new infrastructure projects and other developments. These will result in the region of $3 billion of inward investment in the short to medium term.

"In three weeks time we will be presenting our Budget which will continue to maintain Cayman’s sound financial stability. The Cayman Islands is well placed to take advantage of the global economic recovery and we are committed to continuing the success of our indirect tax system which has served the country so well over its history." McKeeva Bush concluded.

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