The People’s Progressive Movement on Wednesday reaffirmed its readiness to restore fiscal discipline and lead the Cayman Islands forward following the release of the Government’s 2025 Pre-Election Economic and Financial Update (PREFU).
The report forecasts consecutive operating deficits and indicates that the required 90-day cash reserve will not be maintained by the end of 2026.
These are serious challenges. But they are not beyond our ability to correct.
“What Cayman needs now is solutions,” said Joseph “Joey” Hew, Leader of the Opposition and Political Leader of the PPM.
“The PPM is the only political team with a proven record of sound financial management. And with less than a month to go before elections, we remain the only party to publish a detailed manifesto that reinforces our commitment to transparency, accountability, and disciplined governance.”
Under the last PPM-led Government, Cayman achieved a strong and stable financial position recording consistent surpluses, maintaining healthy reserves, and keeping public debt under control. Budget surpluses are a matter of fact, not opinion and the fact is that the PPM grew surpluses from $56.4 million in 2013 to $143.8 million in 2019, while reducing public debt from $613 million in 2011 to just $222 million by the end of 2021. In stark contrast, in the first two years of the Panton Administration, debt surged to $453 million, undoing years of disciplined financial management.
Managing this situation demands proven stable leadership, the kind of leadership that fixes problems, not leaders who only point out problems and point fingers. It requires leaders who won’t quit when things get difficult, having approved the very budget they are now complaining about and seeking to blame everyone else. It requires leaders who understand that restoring fiscal discipline must never come at the cost of selling our national assets and mis-stating the country’s fiscal position to explain their advice. The PPM stands ready once again to deliver the responsible economic leadership that Cayman needs.
“Our 2025 manifesto lays out how we will ensure value for every public dollar, the PPM is the only party with a plan to restore fiscal health and compliance while still delivering for our people.” Mr Hew continued. “We will restore good governance and sound finances, for love of country.”
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