TCCP STATEMENT: PREFU Confirms Cayman Is Headed Toward Financial Crisis — Country Needs Responsible Leadership

The Caymanian Community Party (TCCP) is raising the alarm following the release of the latest Pre-Election Economic and Financial Update (PREFU), which reveals the country is on the brink of a serious financial crisis.

The PREFU — an official, legally mandated report signed off by the Financial Secretary and the Accountant General — provides a clear snapshot of the government’s finances ahead of the general election. According to the latest figures, government is facing a CI$26.2 million deficit, a dramatic $80 million reversal from the surplus projected in the 2024–2025 budget delivered by Premier Julianna O’Connor-Conolly in December 2023.

“This isn’t just a technical budgeting error,” said Andre Ebanks, Leader of the Caymanian Community Party. “It’s a clear failure of leadership and priorities — and Caymanians will be left to deal with the consequences.”

Ebanks pointed to overspending on vanity projects, broken promises, and the failure to implement planned revenue measures as key drivers of the shortfall. He noted that while ordinary families are being asked to do more with less, the government has spent $60 million on a school originally budgeted at $24 million, purchased luxury vehicles for ministers, and moved forward with a $9 million concrete park.

“Meanwhile, our cash reserves are forecast to fall by nearly 40% — at a time when global uncertainty, rising tariffs, and potential supply chain shocks mean we may soon need our rainy-day fund,” Ebanks said.

The PREFU also projects that by 2026, the Cayman Islands will be in violation of the fiscal responsibility rules designed to protect the country’s autonomy — potentially triggering UK intervention.

“Make no mistake: this is more than financial mismanagement,” Ebanks said. “It’s self-interest disguised as governance — and it’s being paid for with the future of Caymanian families.”

Ebanks criticized the Progressives (PPM) for embracing figures from the United People’s Movement (UPM) who played central roles in the current financial decline, including Premier Julianna O’Connor-Conolly and Minister Kenneth Bryan.

“The PPM can’t claim to be a responsible alternative while they elevate the very individuals who pushed Cayman into this deficit,” said Ebanks. “This isn’t a fresh start — it’s the same players, same tactics, and same consequences under a different banner.”

He also noted the PPM’s track record of overspending over the past 20 years, including during the 2005–2009 and 2017–2021 administrations, with only a brief period of fiscal responsibility and restraint between 2013–2017 — led by capable ministers such as Wayne Panton, Marco Archer, and Osbourne Bodden.

“Without their vision and discipline, spending ran wild once again. We saw reckless development, unchecked immigration, and pension raids that will affect our people for decades,” said Ebanks.

He also pointed to the troubling legacy of the former UPM government — whose members now sit within the PPM — including extravagant overseas travel and the controversial NRA Agreement.

“There’s a long and well-documented pattern here,” Ebanks said. “This is not about party colours. It’s about performance. It’s about priorities. And it’s about whether we as a country are willing to keep repeating the same mistakes.”

“Cayman cannot afford another round of reckless spending,” Ebanks concluded. “It’s time to restore sound financial management and responsible leadership before the damage becomes irreversible.”