The Cayman government last week approved a temporary reduction in import tariffs for certain items in an attempt to speed the recovery and reconstruction process in the aftermath of Hurricane Ivan.
Leader of Government Business, McKeeva Bush, told Cayman Net News that the cabinet has agreed to reduce import tariffs on equipment, materials and vehicles intended to help the reconstruction process by 10% for a period of nine months.
The new tariff regime will be policed by the Customs and Vehicle Licensing departments in a bid to ensure that only replacement vehicles are imported under the reduced tariffs.
Looking at the longer term, Bush revealed that he is of the view that the recovery process will take two to three years, and cost between $2.5 billion and $4 billion.
Whilst he suggested that the boost in imports during this time will add to the government’s coffers through tariff payments, he warned that it may still not be possible to balance the government’s budget.
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