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McTaggart says CIG is saving for rainy days, ‘We have reserves’

Overseas Territories hit by Hurricane Irma are running into problems securing aid from the UK’s International Aid budget because they were considered too wealthy to qualify. Cayman is in that bracket along with them.
But Public Finance Minister Hon. Roy McTaggart said Cayman is setting aside money to ensure we have reserves for any disaster.
Mr McTaggart said the Public Management and Finance Law has mechanisms in place in the case of any natural disaster. He said Government is required to have 90 days cash expenditure in our coffers.
“We more than comply with the public management, with the requirements there. We have significant surplus cash set that is available, that is aside to fund a rainy day,” Mr McTaggart said.
This week UK media reports stated Overseas Territories hit by Hurricane Irma were blocked from receiving funding through the aid budget. Instead, funds for relief will have to come from the UK treasury.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 16 years media experience with a strong background in print with her most recent stint at The Cayman Reporter. She has a BA in Mass Communications, as well as, an Associate degree in Journalism and Public Relations.

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