From The Cayman Islands Chamber of Commerce

The Chamber of Commerce Council wishes to publicly commend the Ministry of Finance and Economic Development and the Hon. Marco Archer, in particular, for initiating and implementing the renegotiation of five Government loans that will save the public purse more than $6 million over the next 10 years. The Chamber of Commerce supports initiatives that save money and allows for the efficient and cost effective delivery of Government services. The Chamber of Commerce is currently working with the Deputy Governor’s office on Phase V of the review of public services entitled “Cutting Red Tape/Digital by Default.”

“Minister Archer and his staff deserve praise and commendation for saving the public purse more than $6 million over the next 10 years in loan repayments. This is a significant achievement and demonstrates his Ministry’s commitment to reduce its operational costs. While more work needs to be done to reduce the cost of government and to determine which services can be delivered by the private sector, Minister Archer’s action should be used as an example for other Ministries to follow. Every aspect of Government must be evaluated to determine if the services that are provided can be delivered more cost effectively by Government or privatised entirely. There is a need for a proper performance system to ensure that each Ministry, Department and agency of Government is getting value for money from its employees,” said President Johann Moxam, speaking on behalf of the Chamber Council.

“The Chamber has actively participated in each step of the Government reform process to date which has led to millions of dollars in savings. It is a role that we embrace enthusiastically with the ultimate goal of reducing the operational costs and improving service and efficiencies so the Government can ultimately pass on the savings to the business sector by way of lower fees and duties,” he added.

The Chamber met with Education, Employment and Gender Affairs Minister the Hon. Tara Rivers last week and will be meeting with Financial Services, Commerce and Environment Minister Hon. Wayne Panton and Director of Commerce and Investment Mr. Ryan Rajkumarsingh this week to discuss small business and commerce matters in an effort to develop a proactive action agenda to address items of mutual concern and interest.