Saturday 5 December, 2020

Finance Minister promises transparency and accountability

The recent tabling of the Ministry of Finance and Economic Development Plan 2021-2025 in the House of Assembly promises to be transparent and accountable in all its action.

This should have noticeable effect in procurement procedure and serves to build confidence in stakeholders. In tabling the Plan, Minister of Finance Roy McTaggart was keen to point out on the subject of transparency and accountability: “We take responsibility for our actions and are transparent and accountable when dealing with others; We conduct our work ethically and truthfully, in a manner that creates confidence and trust in those we work with and report to”.

Minister McTaggart said the plan calls for teamwork and collaboration so that stakeholders may achieve common goals through successful working relationships with those who may have diverse ideas, strengths and cultural backgrounds. “We treat everyone with respect, fairness and dignity and value the ideas and opinions of those with whom we work,” he told the Assembly.

According to Minister McTaggart his administration is committed to take on leadership for the crafting of a Government-wide Economic Development Strategy.

The initiatives that the Ministry will undertake to achieve this Objective are: Re-examine, define and re-design the Ministry’s economic development role.

“[We will] work with our public and private sector stakeholders and Cabinet to craft an integrated strategy for the development of the economy of the Cayman Islands.

To fulfill his mandate the Ministry will seek to develop a more strategic and structured approach to Government procurement as well as reviewing and improving procurement processes.

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