PPM abstains from Government’s 2026/2027 Budget Vote

The People’s Progressive Movement (PPM) has abstained from the vote on the Government’s 2026/2027 Budget due to concerns about the administration’s financial strategy of tax, borrow, and spend, and the impact this approach may have on Caymanians.

"Our first major concern is the proposal to borrow $236 million over 2026 and 2027 without a clearly defined plan for how these funds will be used", the press release stated. 

"This lack of transparency is troubling. The Opposition therefore did not support the borrowing during Finance Committee deliberations. These borrowings would push national debt to a record $634 million by the end of 2027. The Government has also stated an intention to borrow an additional $85 million in 2028, potentially raising total debt to approximately $655 million. Secondly, the Premier acknowledged during the Finance Committee meeting that consultation with Caymanian stakeholders — particularly small business owners — is still underway on the Government’s proposed revenue measures. While the PPM recognises that the Budget contains some positive initiatives, the concerns outlined prevented us from offering full support. We therefore abstained in the best interests of the people we represent. The PPM remains firmly committed to advocating for responsible financial management, transparency, and policies that prioritise the well-being of all Caymanians."