United Workers Party (UWP) leader Allen Chastanet says the opposition will not sit by and allow the Saint Lucia Citizenship By Investment (CIP) programme to become a slush fund at the whims and fancies of the Saint Lucia Labour Party (SLP) Cabinet.
Chastanet made the comments in a Facebook post on Monday.
“At last Tuesday’s sitting of Parliament, the SLP Administration basically removed the requirement of having to go to an independent board, to be able to spend money held in the Economic Fund or more commonly known as Saint Lucia’s CIP money,” he observed.
“Why remove oversight and checks and balances on CIP Funds?” he asked.
According to the former Prime Minister, back in 2019, the then UWP Government introduced legislation that would govern the use of CIP funds.
He explained that the legislation included establishing a board to manage and oversee the spending of CIP revenue.
Chastanet said the board comprised the Director of Finance, the Budget Director, the Chief Economist, a representative from Invest Saint Lucia, a representative from the Ministry of Commerce, a representative from the Attorney General’s Chambers, and a representative from the private sector.
The Micoud South MP noted that by establishing a board to manage this money, one of the benefits would be eliminating the cabinet of ministers being able to use the funds however they wanted.
“This would also ensure greater transparency and accountability surrounding the use of the fund,” Chastanet explained.