May_BVC

32 33 MINISTRY OF FINANCE & ECONOMIC DEVELOPMENT - CAYMAN ISLANDS elections in 2013. Now, after the 2017 elections, we continue with the same types of policies and goals we implemented in the previous administration, of which I was a part; such as our position on paying down the debt.We are not borrowing. In the past four years, we’ve actually given tax relief, rather than tax burden. All the while, building cash re- serves through responsible financial management. Cayman is in a very sweet spot right now, financial- ly. Plus, we have a healthy surplus budget we’ve been building on for five years. “Our key policy strategies include prioritizing education, reducing crime, and maintaining fiscal responsibilities.We do have a bond issue for 312 million U.S. dollars coming due for repayment in November 2019. Rather than refinancing the entire amount by new borrowing, we’re going to repay a substantial amount with our own cash. At the end of 2019, our external debt is going to be half what it was in 2013.” BVM: How important are green/sustainable ini- tiatives? Minister McTaggart: “The government is embrac- ing these types of initiatives.We encourage them by giving duty concessions on solar photovoltaic equipment to individuals and businesses and of- fering considerable duty concessions on the devel- opment of alternate energy sources. For example, private firms have just opened a five-megawatt so- lar farm in the middle of the island in the Bodden Town area in 2017. They did that with government concessions on the importation of solar equipment. We’ve also had discussions with other entities re- garding ocean thermal energy conversion, plus we continue to promote and encourage the construc- tion of eco-friendly buildings.”