CIG’s Approach to Sustainable Economic Development

The Cayman Islands Government acknowledges the Office of the Auditor General’s latest report, ‘Government’s Approach to Sustainable Economic Development’, which can be viewed at www.auditorgeneral.gov.ky .

The report assesses government’s strategic direction for sustainable economic development, including its effectiveness at diversifying the economy and planning for risks and challenges for the economy from 2018 to 2022. Of note in the report is the observation that the economy is performing well and has done so consistently over the past five years, when compared to the economies of the United States, Bermuda, Bahamas, advanced economies and the Caribbean region. It however notes that inflation and interest rates are high, contributing to the high cost of living.

In commenting on the findings by the Auditor General, Deputy Governor Honourable Franz Manderson stated, “In recognition of the importance of overall strategy development and sustainability in government, in April this year the new civil service 2024-2026 strategic plan was launched, making it a requirement for all ministries to create strategic plans. We have also appointed a chief risk officer, who has been tasked with the development of a risk framework for the consistent adoption across the civil service. The officer continues to work in tandem with the senior risk committee comprising of chief officers to monitor and manage risks across the Cayman Islands Government”.

He further stated, “The heads of departments and ministries referenced in the report will coalesce to strengthen strategic direction as part of government’s commitment to sustainable development. Our civil service is entrusted with the vital responsibility of implementing the policies of the elected Government. Through our collaborative efforts, alongside those of the broader business community, we have successfully positioned the Cayman Islands as one of the world’s leading financial centres. A notable example of this partnership’s impact is the work to remove the Cayman Islands from the Financial Action Task Force grey list, demonstrating how cooperation drives meaningful progress. I am immensely proud of these achievements as we continue to advance our mission of transforming the Civil Service into a world-class organisation”.