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Monday, Oct 19, 2020

Finance Minister Presents Strategic Plan

Finance Minister Presents Strategic Plan

At the Legislative Assembly today, Wednesday, 14 October 2020, Minister for Finance and Economic Development Hon. Roy McTaggart presented his ministry’s Strategic Plan for 2021 to 2025.
Minister McTaggart outlined the ministry’s mission and vision as follows:

“The Mission Statement is: To foster sustainable economic growth and international competitiveness through effective and accountable use of public finances that enhance the quality of life in the Cayman Islands.

The Vision Statement is: An innovative Ministry that drives excellence through timely, informed and accountable decision making.”

The full text of his presentation follows:

Mister Speaker, I Beg to lay on the Table of this Honourable House, the 2021 to 2025 Strategic Plan of the Ministry of Finance and Economic Development.

Mister Speaker, there is a diverse set of Stakeholders that rely on information that is produced by the Ministry. The Cabinet, Members of the Legislative Assembly, local and international businesses and the general public rely on budgets, financial reports, economic forecasts, statistical reports, and other fiscal policies and guidance that are delivered by the Ministry.

This vital information is used to make key and informed fiscal and economic decisions – which are all geared towards building a stronger economy and community that supports families, businesses and the most vulnerable.

This Strategic Plan provides Stakeholders with the assurance that the Ministry aims to align its resources with the priorities of Stakeholders in order to pursue shared goals and attain meaningful results.

Mister Speaker, this Strategic Plan establishes the mission and vision statements and values of the Ministry:

The Mission Statement is: To foster sustainable economic growth and international competitiveness through effective and accountable use of public finances that enhance quality of life in the Cayman Islands.

The Vision Statement Mister Speaker, is: An innovative Ministry that drives excellence through timely, informed and accountable decision making.

The four Ministry Values are:

Transparency and Accountability: We take responsibility for our actions and are transparent and accountable when dealing with others;
Integrity: We conduct our work ethically and truthfully, in a manner that creates confidence and trust in those we work with and report to;
Teamwork and Collaboration: We achieve common goals through successful working relationships with those who may have diverse ideas, strengths and cultural backgrounds; and
Respect: We treat everyone with respect, fairness and dignity and value the ideas and opinions of those with whom we work.
Mister Speaker, the Plan also clearly sets out four objectives along with initiatives, that it will undertake to achieve over the next five years:

The first Strategic Objective is: 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;
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;
Develop a more strategic and structured approach to Government procurement as well as reviewing and improving procurement processes; and
Help build capacity across the public sector to support a collaborative and impactful economic development strategy.
The second Strategic Objective is to: Improve Public and Private Sector Decision-Making, Collaboration and Resilience.

The initiatives that the Ministry will undertake to achieve this Objective Mister Speaker are:

Develop statistical information that is tailored to the unique needs of various stakeholder groups;
Strengthen statistical capacity and data literacy in public and private sector organizations and within the Caymanian population;
Develop a framework and work with stakeholders to improve data collection and data integrity and pro­mote a data-driven culture; and
Review and enhance the government-wide risk management framework and plan.
The third Strategic Objective is to: Strengthen Government’s Managing for Results Environment and Culture.

The initiatives that the Ministry will undertake to achieve this Objective are:

Develop a managing for results policy together with the supporting implementation guidance;
Modernize the business practices, decision-making processes and tools used to support results-based management and accountability;
Implement a strategy for building capacity and evolving the Government managing for results culture;
Develop and implement a government-wide results-based management and accountability framework for assessing financial and non-financial performance; and
Review and enhance the reporting processes and tools for budgeting, revenue forecasting, stress testing and planning.
The fourth Strategic Objective is to: Become a Workplace of Choice for Civil Servants within the Government.

The initiatives that the Ministry will undertake to achieve this Objective are:

Champion new approaches, tools and materials that will foster a workplace culture of mutual trust, respect and dignity for everyone;
Embed a culture of constant improvement, innovation, and proactivity within the Ministry;
Develop a coordinated learning and development plan for the Ministry to build capacity and guide career development and advancement; and
Strengthen leadership, decision-making and communication skills in the management levels of the Ministry.
Mister Speaker, I would like to take this opportunity to thank the Stakeholders who gave their time to participate and contribute to the development of this Strategic Plan. They include:

the Elected Member for North Side and the Chairman of the Public Accounts Committee;
The Elected Member for Bodden Town West;
the Chairman and CEO of Cayman Finance,
the President and CEO of the Cayman Islands Chamber of Commerce;
the CEOs of CINICO and CIDB;
the Chief Advisor of the Office of the Deputy Governor;
the Special Consultant of the Office of the Premier;
the Financial Attaché of the Ministry of Financial Services and Home Affairs; and
the Financial Secretary and Chief Officer, management and staff of the Ministry.

Thank you, Mister Speaker.
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