CAYMAN ISLANDS – In his inaugural speech on Wednesday May 27, Cayman Islands’ newly-elected Leader of Government Business (Premier Designate) the Hon. McKeeva Bush, OBE, JP, announced several new initiatives. These are aimed at tackling a number of issues Cayman currently faces.
Mr Bush told a packed Legislative Assembly gallery, witnessing the first sitting of the new legislature, that a short term economic recovery plan would be in place by June 30.
The newly-appointed government met with members of the private sector on Thursday, May 28. The primary aim is to establish the immediate needs of the financial services industry as well as to facilitate regular communication on all aspects affecting the industry, he revealed.
The meeting is part of a strategy to swiftly meet with various stakeholders to determine a recovery plan, to include the review of any initiatives that may be currently in place.
Hon. McKeeva Bush
Mr Bush added that the new government is pursuing a plan to help businesses and persons at risk of losing their homes because of this year’s projected economic downturn. “We will be in a position to announce exactly how that assistance will take place within two weeks. Time is of the essence here, so it is important that we move quickly and decisively on this initiative,” he explained.
Announcing government’s fresh initiatives to tackle Cayman’s human resources needs, Mr Bush emphasised that they must be tied to the Islands’ economic requirements and would be the basis for training and awarding scholarships to Caymanians.
As the first step, the plan will commission a study to help create a fully functioning Human Resources Authority by year end. The agency will be designed to bring together all key areas impacting the development of human resources including education, immigration and training, Minister Bush said. The study will be commissioned by June 30.
The Leader of Government Business also highlighted inward investment and sustained development, to be balanced against environmental needs, as possible catalysts for generating revenue. These, he said, could be vital elements in funding necessary public services and community needs.
He suggested setting aside in a separate fund, a portion of development fees specifically for building affordable homes. That way, successful development would directly benefit Caymanians in need of homes. With that in mind, Mr Bush revealed, government will hold a Developers’ Forum in July to dialogue with development industry stakeholders.
Regarding tourism, Mr Bush said that government will set up a working group next week to pinpoint the way forward. He also met with industry stakeholders today to address the immediate needs of the industry.