Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

WARNING: NON US RESIDENTS ONLY

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin
Instagram



News from OECS:



Organisation of Eastern Caribbean States (OECS)



OECS
Prev    Next
Use economic citizenship funds wisely, says ECCB governor
Published on January 17, 2017Email To Friend    Print Version

timothy_antoine2.jpg
ECCB Governor Timothy Antoine

By Ken Richards

BASSETERRE, St Kitts (WINN) -- Guidelines and recommendations pertaining to the use of revenue from economic citizenship programmes in the Organisation of Eastern Caribbean States (OECS) have been put forward by Governor Timothy Antoine of the Eastern Caribbean Central Bank (ECCB).

Noting the importance of the CIPs to St Kitts and Nevis, Antigua and Barbuda, Dominica, Grenada and St Lucia, Antoine offered some advice on the use of the citizenship by investment (CBI) programmes.

His comments were made in Dominica this past week.

“First of all we say, be transparent by publishing all the flows, the ins and outs of the fund. We believe that is extremely important for people to know how much is collected and how it is spent. So we welcome the efforts of the government to establish in the last budget, specifically how much is coming from the CBI and what it is being spent on and we think that that is important and we’ve also suggested a template that can be used to publish information on a regular basis so that anybody home or abroad can see this information and understand what is happening with the programme.

"We also recommend the following, and here is why, none of us knows how long the CBI will last. We hope it will last for a long time, but we really don’t know. Right now Dominica is doing well on it in terms of collections, but who knows the future,” Antoine said.

CBI funds should go to specific priorities, he suggested.

“Be prudent by not using the money for recurrent expenditure. Don’t use it to pay wages and salaries, don’t use it to pay light bills, because when you do that, if the funds stop, you are in trouble. What should you use it for? To pay down domestic arrears, if you owe local and small business suppliers for goods and services to government, use the money to pay them. If you have foreign debt, pay them.

"In the budget the government is taking the CBI to fund a number of things for Erika recovery, which is good, that makes sense, because instead of borrowing the government is using CBI.

"We also say use it to fund critical infrastructure. Clearly in Dominica post Erika, there is a need for roads and bridges, we also know that the government is going to use some for geothermal development, we believe those are good uses of the CBI,” he explained.

The ECCB governor is also recommended the establishment of a Resilience Fund, a decision already agreed to by the Dominica government.

Republished with permission of West Indies News Network
 
Reads : 23473






Click here to receive daily news headlines from Caribbean News Now!



Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, it will be a waste of your time typing your submission because we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code *

 


Prev    Next

 

WARNING: NON US RESIDENTS ONLY



Other Headlines:



Regional Sports: