Cayman Islands

House of Lords written question – answered on 4th December 2012.

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Photo of Lord Ashcroft Lord Ashcroft Conservative

To ask Her Majesty's Government what were the reasons for the delay in agreeing the Cayman Islands Framework for Fiscal Responsibility (FFR); and whether they propose to take any further action on the matter now that the FFR has been agreed by the Cayman Islands Government.

Photo of Baroness Warsi Baroness Warsi Senior Minister of State (Foreign and Commonwealth Office) (Jointly with the Department for Communities and Local Government), Senior Minister of State (Department for Communities and Local Government) (Faith and Communities) (also in the Foreign and Commonwealth Office)

The Cayman Islands Government agreed a framework for fiscal responsibility (FFR) in November 2011 and that it would be transposed into local law by 1 July. There were some delays in effecting the transposition but the FFR was put into Cayman Islands law in early November.

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.

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