by Virgil Leonty
Prime Minister Philip J. Pierre will soon provide an account on the use of funds generated by the Citizenship by Investment Programme (CIP).
The Minister for Tourism, Investment, Creative Industries, Culture and Information, Dr. Ernest Hilaire, speaking recently at a press briefing, stated that the country is entering a new phase with the use of CIP finances, and that Prime Minister Pierre will soon outline the local projects to be funded by the CIP.
Dr. Hilaire went on to explain some of the current uses.
“Money that goes into the National Economic Fund and monies that are generated as excess capital from the operating accounts of the CIP have been used largely for national security reasons, to provide support to marginalized groups, and for debt relief. This government has not been going to Parliament to borrow every Tuesday as used to be the case before, and we’ve mounted a lot of debt in the last few years. So the economic fund has been used to some extent to provide that buffer for Government as it relates to our national debt management as well as support for marginalized groups and national security purposes.
He continued: “We are about to enter new phase with the CIP where the resources that we have been able to save will now go into specific projects, but I will leave it to the Prime Minister to announce these national infrastructure projects.”
The Citizenship by Investment Program was launched in 2015. The primary objective was to attract hotel investors. Dr. Hilaire believes this is no longer necessary. He cites Saint Lucia as having one of the best regulated CIPs, which government is moving to strengthen even further.
SOURCE: Government Information Service
You’ll don’t go to the house every Tuesday like the past administration, but when You go You’ll borrow large lol.
How you all develop the science and justifying the formula od borrowing is beyond me. IDK what does go on in your all-cognitive skull. Every time one ends up on the opposite side somehow, they device a formula that they will do whatever it take to generate revenue and stop the borrowing. While borrowing is inevitable it just seems like political leaders are hell bent to expose their delinquency to the globe and also Drage their entire population down with them.
can we please stop this selling of our passports. this will end bad for us and this is slowly contributing to St. Lucians becoming second class citizens. sooner or later the correct international authorities will put a stop to this especially with all this tension of war.
Re Article.I am looking forward for a fair living wage system of $10+ per hour worked to everyone.
The CIP investment must include a fair living wage to the working poor and overworked people..
Focus on Sharing the wealth also!!
Hilaire just can’t make a single point without making reference to the previous administration. Alot of us had high hopes for you, but you behave like a miserable ex wife, when you are the cabal who got the husband. You won, accept it so move on like a winner. smh!
Cip is fraud the government selling of st lucia to criminal foreigners doing shady deals and more and more our stlucian working class hit the side walks with trays .st lucia not for sale cip bringing in so many foreigners who own lavish businesses on this island .its time to tap into something different too many foreigners here
I remember when asked about the CIP and the changes made by the previous admin to the program this man said the program has evolved and there is not need to undo the “When in opposition” bad changes made by the previous government. So now, Sir, the changes made were good and y’all were just playing politics. It’s like everything these guys said in opposition were designed to mislead people.
CIP stinks but only that the smell is slowly dispersing into the atmosphere. By the time the majority begin to take the smell, it will be way too late and the Ill effects will be irreversible. Those fools are selling us out for peanuts and when all the peanuts are eaten to satisfy our hunger, we will still be hungry, and be left with an invasion of citizens by investment who are more well to do competing with the locals for the limited resources such as land that we have. Guess what, everything will go to the highest bidder. That smell is now overpowering and unbearable for the locals, except for the fools who sold us out.
The economic vision of PJP is becoming clearer. Debt-to-GDP was about 90% in 2021. If CIP funds were used to reduce some of the debt that would explain why the world bank is projecting Debt to GDP in 2023 is about 68%. I heard Chass admit that it is about 63% but he may be quoting from the economic review (which I don’t have).
Usually a high Debt-to-GDP ratio might suggest a need for fiscal austerity measures to reduce debt but with CIP they don’t have to do muh of that. This may explain why consultant fees in the budget projections increased this year.
If Hilarie is right that the PJP admin spent CIP funds on National Security and debt then, I can see why the 2.6% was added. They want to use CIP on infrastructure and not security. It is an important shift which will help them meet the urbanization goals set out in their SLP manifesto. PJP did announce a major housing effort coming soon. I bet they will be taking a page from Dominica and moving CIP funds to housing and roads.
I believe that CIP or CIB funds should be used to roads and housing and so on but also to be set aside for disaster relief. But also sustainable energy. Saint Lucia has one of the highest electric rates in the world. My small rural town in the US has large investments in wind. My eectirc bill never gets higher than $50 a month. My home in lucia (which is smaller than my US home) at least $150.
Ernest Hillaire please tell us HOW MUCH MONEY IS BEING GENERATED from CIP a month a year? How many applicants get through and from which countries? How could you all be selling OUR patrimony and we don’t know where the money is going?
Still awaiting the report on how CIP funds have been spent that Dr Hilaire told a reporter that the PM has tabled in parliament. I must have been looking at the wrong parliament all this time cause not once over the last two years have any report been given by this current government. Ahh transparency in this sweet rock!