The Members of the Cayman Islands' Legislative Assembly have approved almost KYD575m in appropriations to keep the government operating.
Members officially passed government Motion 1/2009-10 on June 29, thus enabling the government to conduct executive financial transactions which do not exceed KYD573,625,099 for July to October.
Members of the Cabinet clarified that the sum approved does not represent a third of the total budget for the whole fiscal year starting June 30, nor is it a budget of the new government. Instead, this sum allows the government to meet its expenses based on the current budget, as per the terms of the Public Management and Finance Law, in an election year.
2005 was the first year that such a motion was introduced.
Earlier, the Leader of government Business/Premier Designate, McKeeva Bush, outlined to Members in a statement Cayman's recent initiatives in Europe to increase its tax information exchange agreements.
Financial Secretary Kenneth Jefferson tabled the Cayman Islands Annual Economic Report for 2008, produced by the Economics and Statistics Office.
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