Continued economy growth predicted
It has already been announced that the Cayman government expects strong growth for the economy. Financial Secretary Kenneth Jefferson announced that in the next financial year, July 2007 to June 2008, the Cayman economy is forcast to be robust.
On July 1, 2007, the Government of the Cayman Islands entered a new financial year with a budget forecasting a net surplus. In this new financial year, the government predicts to expend $471.807 million and receive $499.103 million for a net surplus of $14.861 million.
In the coming fiscal year, the government plans to borrow $129.8 million. Borrowings of loans is controlled by law stipulating that interest, other debt-servicing expenses, and repayments on the principal amount borrowed must not exceed 10% of revenue. The debt ratio is expected to remain within the limit, at 6.6%.