The Cayman Islands Government agreed a framework for fiscal responsibility (FFR) in November 2011 and that it would be transposed into local law by
The Government are committed to ensuring good governance is upheld in the Cayman Islands. Implementation of the FFR demonstrates the Cayman Islands Government's commitment to modernising local financial management legislation, including on procurement, establishes prudent debt limits and confirms a commitment to the following key policy principles:
effective medium-term planning, to ensure that the full impact of fiscal decisions is understood;putting value for money considerations at the heart of the decision-making process;effective management of risk; anddelivering improved accountability in all public sector operations.
Effective implementation will be important.