Thursday 22 October, 2020

Gov’t set to announce ‘exciting’ economic measures shortly 

Premier Alden McLaughlin speaking at yesterday's press conference.

Premier Alden McLaughlin speaking at yesterday's press conference.

The Cayman Islands is close to making what the premier described as “exciting announcements”, which are expected to boost the economy and ensure the survival of businesses post COVID-19.

“We are doing a lot of exciting things in terms of measures to help businesses and the economy and to increase employment,” said Premier Alden McLaughlin during a press briefing yesterday.

“I think in the next week or two weeks we [will] be able to make some very exciting announcements and most people will be very happy with how that improves their chances of surviving from a business standpoint,” he added.

McLaughlin said the measure being worked on include a significant increase in grant money and a new loan scheme which the government has been negotiating with local commercial banks to give access to local business, among other things.

“I think we are very, very close to a deal with a consortium of local banks with regards to a substantial line of credit with the Cayman Islands Government to give us that safety net to get us through, quite frankly, to the end of next year if that’s what it takes,” McLaughlin added.

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