Two Dominican economists have given their opinions on an international newspaper report which placed Dominica on the high risk list of countries spiraling towards a government external debt crisis.
On one hand, former IMF economist Dr. Thomson Fontaine says this is as a result of a high accumulative debt that was not put into productive use over the past 15 to 20 years while Businessman and Economist Mc Cathy Marie says the news is essentially stale, adding that what is of more immediate concern is if the country’s debt is a recurring deficit.
In the report the Business Insider named the island among 14 other countries, and the only one in the Caribbean, from around the globe at a high risk of a government external debt crisis.
According to the report, the problem lies in the fact that Dominica and the other countries named, have a net debt of over 30% of GDP, a current deficit of over 5% of GDP and future payment of debt of more than 10% of government revenue.
“The difficulty I believe that Dominica has experienced is that a lot of the debt we accumulated over the past 15 to 20 years has not been put to productive uses. It has mainly gone into consumption,” Fontaine said.
He added, “I think what that says is Dominica has over the years, accumulated a high level of debt and we are in the position where this debt has to be repaid and it is clear that Dominica is currently paying 16 cents on every dollar it makes in debt service. That is going to rise to about 25 cents on every dollar within the next five years.”
He explained that in a country that is not able to produce and to generate foreign exchange reserves, this is going to be a problem.
“Because it means that you will not have the resources to repay that level of debt. And that is where we have a problem. So, we are in a very real position where we can even default on our external debt,” he noted, adding, “That means you will not have money to do anything else.”
On the other hand, Marie told DNO the matter is stale news since developing countries are known to be indebted and have been trying without success to bring their debts under control.
“Eastern Caribbean countries [have] been well-known, not now, to be among the most highly indebted countries in the world. It’s not only Dominica, but the eastern Caribbean countries are on the edge of falling into a debt crisis. So that in a sense is not new news. That is just a restatement of old facts,” he told Dominica News Online.
He pointed out that what is of concern is if Dominica’s debt is a recurring deficit.
“This is to say the amount of money that we collect through tax is not enough for the running expenses of the government, so we have to borrow to make up the difference. Which is not a bad thing, the problem is if we can pay the debt,” he noted.
He said if the debt is a stable one, then it has to be dealt with but if it isn’t then “we are getting into serious problems,” and these include government having to take measures to either reduce its expenses, which could mean staff cuts, or increased taxation to bring in more revenue.
“Most of which would not be acceptable, so that is where the things like the passports and citizenships come in,” Marie explained. “And I will say upfront, whether we think it is morally repugnant or not, we need it. We need to offer some sort of accommodation for foreigners who will pay us for a service that they think worthwhile.”
Marie added that in addition to this “we have to find other ways of getting money directly into the government.”
But on the contrary, Fontaine believes the sale of passports is not necessarily the answer since other Caribbean islands are coming on board with the programs, making competition tighter. He thinks that the country should look for a strategy that is focused on development and sustainable resources such as the agricultural sector.
“Absolutely not,” he said when asked whether he shared Marie’s opinion on selling passports and the economic citizenship program. “In fact I think it is a very sad indictment of the government that, that is the only choice that they have.”
Recently, Prime Minister Roosevelt Skerrit stated that the country has its pick of either the economic citizenship program or increased taxes for the generation of revenue for the government.
Meanwhile Fontaine said that the United Workers Party is willing to aid the government to develop a Debt Management Strategy, as he did for the St. Kitts government, to get things back on the right track.
“After all it’s our country and it is a time for the government to take a serious look at what options it have available to it. And this has to be done and it has to be done with some urgency,” he stressed.
He believes that Dominica’s debt has tripled from 2000 and if the country was to default on its debts, its ability to borrow will be jeopardized.
“It is a very serious situation,” he said pointing out that borrowing is a key part of a country’s ability to finance its budget.
The Business Insider based its report on the new analysis by the Jubilee Debt Campaign, a coalition based in the United Kingdom which calls for the cancelling of unpayable debts by the world’s poorest countries.
Many blame the leadership, so they just want to be the leader, a change of the guard, to lay their hands on all that doe. What difference can a change of the guard make? I’d rather wait for the next election than impeach or change the government midstream. I agree too many loans, but to develop you need to take loans and be good beggars. The other party would be at that same impasse if they meant to develop, then look for dept forgiveness like many countries in the world need.
well Fontaine just setup a sub he can lend Dominica some money lol
Fontaine said that the United Workers Party is willing to aid the government to develop a Debt Management Strategy, as he did for the St. Kitts government, to get things back on the right track
man please you cannot even find yourself a job! how can help anybody first thing you need to do is go pay off your debit!
So you are in fact admitting that this gang of corrupt leaders has failed the country. Since a highly qualified intellectual like Doctor Fontaine is jobless, you need to WAKE SKERRIT UP! You soon wont get crumbs from under the table!
In analysing the excerpt I see the Issue as the opinion of a Business man vis-a-vis a Policy economist. Mr. Marie is right to say that is stale news. Fontaine is right also to point to finding a feasible solution.Surely this remains current/relevant news and Dominica should take stock. It is definitely time to do something about our high (recurring deficit) external debt. I am always of the opinion that a Government that relies heavily on tax schemes to generate revenue is a Lazy government..the Politicians stop thinking!! Dominica continue to lose it’s foreign currency reserve for lack of exports and instead our gov’t think passport sales is the answer.how many ppl from passport sales employ? That is why the economy continues to contract..I sat in meetings in the MOF with seasoned (lethargic) gov’t economists and on the inside they recognize the problem as grave but has no will to influence policy against the whims of untrained politicians that think they know best..Boost Exports!
I have said already that this is nothing new. The Labour Government, Labour supporters and even UWP supporters, and off course UWP are aware of this debt issue for two decades now. Dominica has been walking a very thin line.
To Malgraysa below, if you are going to quote a report from the World Bank, you should quote sufficient lines of the report as to not mislead others. To give a truer picture here is more of that World Bank Report…
“Dominica has unsustainable debt levels, which have largely resulted from inadequate fiscal management and the nation’s economic exposure to external shocks. Both the International Monetary Fund (IMF) and the World Bank have implemented programs in an effort to promote economic stabilization…”
So I believe we all know when the IMF had implemented programs in an effort to promote economic stabilization. That was just after the Labour Regime took over from the UWP regime.
The report continues… “Through the Dominica Economic Recovery…
The report continues… “Through the Dominica Economic Recovery Support Operation, the World Bank supported Dominica’s efforts to regain fiscal sustainability and to restart growth (while protecting social gains) through a medium-term reform program and a single-tranche structural adjustment credit, whereby (a) public expenditure management was improved, (b) financial and debt management was reformed and (c) the public sector investment program was restructured…”
So the Labour Government of Dominica is aware of the debt situation and has been working to help keep Dominica from sinking further, into a debt crisis.
So why did you ,keep out from your quote, the section quoted by Malgraysa. From where I stand, our biggest problem on island is inept leadership, highly characterised by lying, stealing and cheating.
How about, “of course” rather than “off”….
You can’t pay off debt if you can’t generate income. The world bank and IMF are economic lures that enable the bankers to essentially foreclose on countries, such as they are doing on Greece. The lesson, don’t borrow money from sharks, especially when you have no means to pay it back. They now own you.
Gordon, I note that you do not deny that the worldbank said that our debt is not sustainable as a result of inadequate fiscal management. That is significant and totally opposed to the mantra Roosevelt Skerrit has been presenting us with for some time now. If things are bad let him say so and we can deal with it better but with his constant denial of the truth I can not respect or believe him anymore. I’m sorry but that is how I feel. I care far more for Dominica than any politician, including the P.M.
Dr. Fontaine’s points made more sense to me. I think.
tell Fontaine go pay off his debit
All I am saying is that we can NEVER GO WRONG with Agriculture because Agriculture is the backbone to our survival and we in Dominica thankfully are blessed with the land and environment for cultivation. Banana may have died but there are other products we could look at cultivating on a mass scale. This is just RUBBISH that the Honorable Prime Minister’s only means of survival for our country is the sale of our passport or Higher Tax on the people. PURE RUBBISH I SAY!
Both fellas make valid point. Some think that this story is the plaform for them to make political points, but they are just briefly making comments. Well even the PM reffers to the US economic citizenship program but misses to mention that there are many stips to their program, their’s is $1. million, one must employ a certain number of American workers, sustain employment for a few years etc. before citizenship is granted. They may also be required to live in the US till then. Please look it up and correct me if I am wrong. It is not a bad thing if done properly and not seem like handouts of passports by all the gov’ts to this day for some dollars. I must also say agriculture must be invested in heavily before throwing hands up and say such things as either this or higher taxes. Lots more can be exploited to boost the economy.
cont.
But there’s hope people!there’s hope! HE again said,it is vain to put one trust in man.Listen up here: those who came before Skerrit failed you,Skerrit will also fail you,and all that’s coming after Skerrit will fail you as well. YESHUA ( Jesus ) is the only one that never fail.Try HIM, put HIM to the test for yourself.HE never has to borrow and don’t or have difficulty paying back.In fact HE dose not have to borrow anything from anyone.That why HE said if HE’s hungry,HE’ll not tell us.The thousand cattle on the hill belongs to HIM.The gold the silver and so much more is HIS. I don’t have much now,and that’s Ok with me but I know that some day in the not to distance future I will be walking on it.
THERE IS HOPE!!!!
Though i am not surprise, since that is how d/a is Now, i am very disappointed in mr marie. I dont even know what else to say. But what a shame! U mean to tell me this man is talking about the economic citizen program as our only hope. there is no accountability, there is nothing saying how much we earn and what nthe money is used for exactly. Mr. Marie is bias and we know where his alligence lies. Shame on u. I make no apologies for saying Shame on u Mr. Marie. your bread well butter.
Here’s the basic of the basics. Spend what you do not own and you wind up in big trouble..That appears to be the trend world wide..Am I bothered by that NO..
Why do you think there’s to be a one world government ! Why do you think there’s to be a one world religion!And why do you think there will be a number/mark that will all together replace currencies.The three systems will be intertwined. I believe every bit of it since little by little it’s falling into place. Ooohhh glory, GOD is so good.And HE’s the only one that speaks the truth.Let GOD be true and every man/woman be a liar.
HE said that, it will happen and I believe it just as the sun rises in the morning and sets in the evening.
Stop wanting to go to heaven but don’t want to die. Be reminded,HE said there are dread days ahead of us.Days that the world has never seen and will never see after it’s all over.
Mr Mc Cathy Marie ,
As an economist sir do would you admit that corruption diverts resources of a country to a few rather than to the benefit of the country itself?To this end can we suggest then that Dominica may be in this state because of scandal after scandal including the bin scandal where government officials and their friends seem to be misusing the countries resources?Ultimately sir my question to you sir is where was and is your voice on all the shady deals ,lies, racketeering and corruption that this Pm and administration has been and are involved in?
Oh sir by any chance would you happen to be a friend of the Pm or the government? Just asking because it is my observation that the educated people who are reluctant of speaking up against this blatant corruption are those who seem to have some benefit one way or the other.
Thanks for your time and I await your repsonse
I have to agree with Marie this time around. He’s correct about the debt being old news. Anyone who has read the Eastern Caribbean Central Bank’s report would have been aware of Dominica’s debt years ago. The issue is, we have an uninformed public who reacts quickly to such news with the usual political fervor.
What’s wrong with a town-hall style meeting where the likes of Mr. Marie, Dr. Fontaine and many others with expertise in that area, share their ideas and take questions from the public. The Arawak House of Culture would be a great venue for this meeting.
We need to more inclusive and allow ideas and possible solutions to flourish on the island. This has been one of our main issues and I do not understand why that is the case. I would like to hear more from Dr. Fontaine, Marie and others.
Mark, it is not only that the debt is recurring, because in such terms that would mean the cycle stops at some point; and then returns; stats again. I am not an economist, nevertheless, it seems to me the cycle is constant; spiraling upwards. It matters not if the news is stale, the fact is those who believed that Skerrit has don a fantastic job for the country, eyes are now opened, to discover the man is not a good administrator, and under his leadership the country is doomed!
I would only hope that you are not in support of that idiot, because your support will encouraged his inefficiencies, the man is incurable! Thomson is right; if you keep on borrowing, and the borrowed money is not invested into something which is going to return to you the amount of the borrowed money plus a profit, it is like flushing the money down the drain, and having to find the amount borrowed to repay the debt!
If you are an economist I am sure you are familiar with the term P&I. IF I am in the…
I am sure you are familiar with the term P&I. IF I am in the lending business, and I loan you a hundred dollars, and say to you there is no interest to be paid, what then would it profit me to remain in the lending business?
Reverse that, and you will find when Skerrit borrow money to spend into some crap which returns zero dividends, he will never find a way to repay all the debt the country owes. Let’s face the facts. I understand that Skerrit spent almost half of a billion dollars on Melville Airport, installing landing lights, and adding a few feet of Runway to the existing one, and digging up the river bed to make a parking lot, all because Ralph Gonzalez told him that is all Dominica needs.
How much more have we profited from night landing? If that money was spent on the building of an International Airport, we would not have recovered all the money spent in the interim, however, it would have paid off for itself, and everything henceforth would be revenue generated into…
If that money was spent on the building of an International Airport, we would not have recovered all the money spent in the interim, however, it would have paid off for itself, and everything henceforth would be revenue generated into the treasury. A government must operate as a business; Iran had more than a billion dollars frozen in the United States, now an agreement took effect as of yesterday I believe, the international embargo on Iran is lifted, hence that billion dollars has become unfrozen.
How did it get to America, it came here not to sit in a saving account in America, but as an investment, which will yell a vast amount of dividend: Government should not be borrowing money to pay civil servant, or building a back wall; that sort of borrowing is nothing more than debt accumulation.
DOES ANYONE HAVE A LINK TO THE ACTUAL REPORT?
“This is to say the amount of money that we collect through tax is not enough for the running expenses of the government, so we have to borrow to make up the difference…” Running expenses as in paying Ministers’ exorbitant salaries? Here’s an idea, geniuses: if you create more jobs and stop overtaxing unemployed people, we might actually create enough revenue to put a dent in that debt. Also, am I really meant to believe that the government saw it fit to have a $27M state house built when we were straddled by debt? Wake up. This embarrassment isn’t accidental.
First of all there is a small group of Albinos who claim that they can control everything globally,,,
But wait nuh didn’t the National Bank just made and is making record profits???
The daunting issue that no one is seem to be addressing is that these individuals have been taking handouts and have privatized the entities that used to be a nationalized which benefited all,,,
Giving all these No-bid contracts to these companies from Barbados and Trinidad when you have personnel and equipment sitting there at their yard,,,
You cannot take a handouts to have big jam for election and you don’t have a National Product!!!
The little Dominica have that could be marketed as National products is being monopolized by a few friends from their private club,,,
Another issue that no one seems to be talking about is the ridiculous concept of VAT: tax paid on the markup, value added to a product, paid by the entity who is profiteering from the market advantage,,,
The Canadian economy is just as bad as the Dominica economy. I do feel that the Canadian government can b.s. Learn from PM Roosevelt Skerrit.
I am convinced that someone removed your brain and replaced it with swine feces, mixed with Skerrit fart, that is why you are so stupid!
Under an authoritarian system of government you would be executed for talking so much nonsense! You need to be quiet you are not contributing anything which makes sense, you are a confused, confounded pests!
I am surprised at Mr. Marie’s comments. What if or when all the other Island starts that economic program, what will we do? Almost all the other Island are more well known than Dominica. So what now, are we going to sell the people in Dominica or raise taxes 100%. Currently Dominica’s debt is about 1.1 billion dollars ($1,046 006 500.00) and that figure is being generous. This might be closer to 1.5 billion dollars now. Can Mr. Marie tell us if we are just going to stick to selling passports to help pay it or should the government find ways to help bring this debt down, without raising taxes on the population. I am not close to being an economist but if I am not mistaken I would think that the more money the people have the more can spend. When you raise taxes on the people how will they be able to spend what they don’t have, so the businesses will suffer and once small business starts to suffer, we can bet thing will get worst. VAT 25% to 30%. what will happen to the…
Mr Marie is just singing his super hymn and therefore should not be taken seriously
everyone seem to be talking agriculture agriculture,when agricultures biggest problem is marketing and export,you could farm all you like, if you do not have a market or means to get your produce to that market,you remain at square one,when dominica was in contract with geest,everything was great,i think this should be the number one priority,find the markets,the land is already there,you can not just ask people to plant and they have no outlet besides Roseau market,that does not make any sense to me,find the markets buy the boats,that is the alternative to agriculture,that;s my opinoun.
and let me also add,i am shocked that you guys would suggest that st kitts is doing better than dominica,but then why was there a governmental change in there last elections,and what does st kitts really export,,i have no clue,more than sell passports,then selling passports must be a good thing,so if it works for st kitts,then it should work for us,barbados,trinidad and Jamaica dollars are weak,dont they borrow more than dominica,this whole thing seems kinda fishy to me,this look like a plot in the making against ALBA members states
Why no one wants to engage Dr. Fontaine? This guy has done so much for other countries and we are letting good food waste.
the only group this government wants to engage are vulnerable people who they can give handd outs,, tickets, and sewo every five years so that they can say ” thank god for skerrit” then get their votes
Neo DFP?DLP put this meat in the freezer for when things turn real bad.
Committed Dominican the answer is simple. There’s a number of reasons, he is dishonest and cannot be trusted. I do not think that he is the ‘real deal’ when you listen to him on economics you have to wonder, i.e he speaks on an investment club being like a sub, but you receive 6% on your earnings. This is only one of his many gaffs.
what are you talking about so why the IMF did not take him back what he needs to do is go pay off his debit
Is Marie bringing to us the same Skerrit economics, which has us as one of the poorest island in the Caribbean?You too Marie quite frankly,need to be schooled by the highly respected doctor!He makes me feel proud to be a Dominican.
If I was educated I d be a darn fool_ Bob Marley. Some where in 2014 MCMarie refered to our economy as camatosed. DNO should have asked him whether our economy is off life suppprt simply because other countries are struggling too.
McMarie response borders professional negligence. It is like a doctor saying ” you have a “bobo kaban” but it is stale news and other people have bobo kaban even if you about to loose a leg .
If I was educated I could never have dumb politicians control my actions much less be a darn fool
Remember one thing, education can be used as a tool to control you thinking. It can keep everyone that considers themselves educated in “the same box.” Totally predictable and able to be manipulated. Going to school does not qualifty you as being educated. There were a lot of smart people that made a lot of money in business and had only the basics, reading , writing and math. If you control education system, you control the minds of the people. The educated ones are the ones that can think themselves out of the box and pursue truth. A lot of the information that is taught is not true, especially when it comes to history and politics.
Mr. Fontaine sounds like an economist who understands the language of money, while Mr. Marie sounds like a vocalist who knows how to sing to catch the attention of the judge. Good luck Mr. Marie! Hope you make it to second round
Mark there is some inconsistencies in your response. You are saying that there should be cause for concern if oir debt is a recurring deficite. Yet after explaining the debt and recurring deficit concept you are saying “it is not a bad thing if you cannot pay the debt. But who needs a degree in economic s to figure out that it is bad news when you revenues cant meet your expenditures and if this is a repetitive trend then it is recurring.
It is not that what Mark is saying is wrong it is just unbelievable that he is creating or perpetuating the acceptance of mediocrity and even failure. Similar to the same arrogant response from the government. If there is penex in a hospital in St Kitss ot is OK that we have penex at our hospitals.
Until we dump this attitude of arrogance irresponsiblity and unaccountability we continue to remain in the dump looking at garbage and thinking that we have arrived.
If it is Stale news it still does not solve the impending e c.f. Onomic catastrophe
Why is it that it is only people like Mark Marie we always seem to be seeking opinions from? There are so many younger and fresh Dominican economists around, I mean come on! Mark is just not sounding as if he knows or that he is sure what he’s talking about. Shcuks man!
It is said that Christopher Columbus was the first economist. When he left on his voyage of discovery he did not know where he was going and when he arrived in the Americas he did not know where he was. And it was all done on a government grant. It looks like there is a neo Columbus economist in town looking for a government grant.
An Economist is like a voodoo man telling us about what is going to happen in the future. Dr Fountain tell us how to solve the problems, I bet you dont know how, if you knew you would have owned a Bank and bail us out , you would not be working for some one else for peanuts.
The state is the great fiction by which everybody seeks to live at the expense of everybody else.
Those economic band aid this government seek to establish as long term economic solution cannot cover the Dominican economic soars no more.
So it time for it to spread…..DA I feel for you!!!!!
The debt will never be repayed cause those third world cou tries,caribbean ,latin america and africa keep paying is interest on the debt and not the principle,and when there is an increase in interest rates, the interest on the old debt increases.there are economists who believe that the third world debt has been paid twice over .
while I am not an economist or accountant just a grease monkey plus grass eater i have to agree with the late R B Douglas that agriculture is the only way forword because we will never be building bycicles in Dominica. Under this party in power agriculture is dead and given a wake of nothing but lip service. RBD did not mention begging which seems to be the only wayout .
Mac saying.. if the debt is a stable one, then it have to be dealt with but if it isn’t then “we are getting into serious problems,” and these include government having to take measures to either reduce its expenses, which could mean staff cuts …. (how many laid off at PWD!! and how many where else again), or INCREASED TAXATION to bring in more revenue. We were told it was either Citizenship by Investment (Passport sale) or increased tax and no other choice. So based on Maceconomics I concluding that we getting or already into serious problems because the Govt. has already started taking measures and is currently making known its intention of taking this measure having unstable debt and desperately needing revenue to service that same debt. But will come to the public with a spin story on how great thy investment knowing very well increase tax would spell murder… lets listen to budget presentation and will see. But the funny part the report was to be released after parliament!!
I am not an economist…..far, far from it!!! But I think that common sense should reveal to any person willing to be objective, that if your government keeps coming to you time and time again with smiles on their faces saying ‘We have got another few million in loans (and grants)’ or words to that effect, but they are unable to show where this money has been utilised for PRODUCTIVE PROJECTS as Dr. Fountaine has suggested, that really what is happening is that your debt, and more importantly, your debt to GDP ratio is in fact increasing!!!! Now if you have utilised this debt to improve main roads used by all for example, but have totally neglected the feeder roads which would assist with and encourage production and sale and therefore income generally alongside foreign exchange earnings, then you are spinning top in mud and sinking into it while smiling all the way!! Mr. Marie needs to consider this and act responsibly in assessing and commenting on our economic realities.
Lets see the glass half full for a moment and realise what we got set up and how we are going to maximize of these as opportunities to manage external debt. We are already recognized as a eco-destination with good roads. Not an agricultural destination. Agriculture though ties into eco-tourism when we feed our guests our local exoctic cuisines. We must capitalize on our eco-destination opportunity by growing in accommodations for adventure seekers and travellers who wish to visit our island with foreign currency. Simple things like water parks, exotic bird viewing, natural living showcases featuring natural methods of creating tools and food from merely nothing as exhibitions. People are now getting into self-sustaining lifestyles.. Cross country cycle racing competitions, motorcycle touring and horseback riding, fishing. Activities that would make dominica showcase its beauty natural skills to the world. Our bars would flourish and other local enterprise.
Remember, there’s always three sides to any story. The one on the Right. The one on the left. And the one in the middle. I’m concerned that some way some how, we the people, have not heard the truth, and nothing but the truth as it relates to the state of our economy. That’s my opinion.
The lack of the rule of law, the stain of corruption, and the disaster of the criminal system is the country’s number one problem. The statement by my friend Marc Marie only underlines the cruel and bitter reality. We need to reform the system starting from the roots!
HOTEP!
Both Fontaine & Marie wrong. The seventeen years between 1990 and 2007 saw the biggest credit
inflation in human history. Gargantuan quantities of real economic structures were constructed on the false basis of an endless credit expansion. Now there are no customers and the structures are shutting
down. What is being unveiled on a global basis is history’s biggest bout of malinvestment and over-investment. The most telling sign that this is true is the simple fact that wages have barely climbed over the last thirty years in real terms! Instead of higher real wages – wage earners were offered credit.
Four economic fundamentals exists in Dominicas economy..
These are: capital goods, consumer goods, time and money. They are the four corner pillars of any
economy. One could think of them as being the corners of a square with the hard centre of the square
being REAL savings – the stream of savings which goes towards maintaining and/or expanding the current
stock of capital…
I have never seen BIG MEN destroy their credibility to protect one man. What is wrong with you guys. After you all spend all that money to be schooled you guys making an A….. of you all selves just to protect an unproductive administration who has not, cannot and seems will not grow our economy at least 1%. That’s why I always say I don’t blame my PM, The blame is solely on the likes of these so call educated men.
I FEEL SORRY FOR OUR POOR COUNTRY!!!!!!!!!
Is Mr. Marie really suggesting that our economy is doing well and is stable and that he really does not have concerns? Is he really suggesting that he has no problems with the Economic Citizenship Programme as it is being run presently? As an economist, would he not agree that it is indeed an indightment of the government, the fact that the PM himself has stated that it is ither the ECP or higher taxes? Is it not clear to him that the government has no other workable plan for which they can take credit? That they have no other suggestions as to how to get the economy active and moving again? How does he rate the performance of the government as it relates to the economy, jobs, foreign exchange earners within the economy, small businesses as well as large and well known ones and their ability to survive the present struggle based on the downturn? Does he know whether the Chinese businesses pay into the tax coffers which he speaks of, as well as social security? Assess across the board!!
To answer your questions: No I am not suggesting that our economy is doing well. . NO I am not suggesting that I have no problems with the citizenship programme. I fact I do not think the citizenship by invest ment will be a great success. Imade no comment on the eficiency, transparency or other similar attribute of the programme. IM was not asked to rate the the performance of the Government. I do not know whether the Chinese businesses pay taxes or social security; I do know however that they break the law specifiocally the trade mark law by selling counterfeit items and are not punished like this story published by DNO:
https://dominicanewsonline.com/news/homepage/news/business/fake-blackberries-break-hearts/
Please McMarie dont inject diversion after you cosard response. The issue at hand should not be tirned into copy right matters.
You had the opportunity to speak clearly on the economy. What is destroying Dominica is the back alley whispers by peoe like you who are suppose to be ringing the bell or sounding the slarm on the economy
Mr. Mc Carthy Marie, why do you make excuses such as ‘IM was not asked to rate the the performance of the Government’? You as a Dominican have a responsibility to contribute positively to the discussion and to voice your views and suggest solutions as someone with the knowledge and understanding of the subject matter. why must one ask you specific questions in order to prompt specific answers sir?????Why do you seem unwilling to expound on your concerns in relation to the ECP and others????
You will pay royalties if he makes it to the second round..
I’d love to send them to Pluto on a one way ticket.
get rid of these useless suckers.
This what these suckers deserve. Maybe we can present them as volunteers lol/LMAO real loud.
I can see the world’s leading newsmedia
Former Cabinet and advisors volunteer to go to Mars or Pluto like the Pilgrimes arriving in the New world .
I honestly would have them volunteer as political prisoners( don’t ask me how)They will find that out.
Best punishment.let’s see who would want to be a politician in future elections. hahahahahahahahahahahahah FET what do U think?
Mr Marie,you seem to be saying that because my neighbours are poor,then it’s ok if I’m poor too.Dont point to the fact that because other Caribbean countries are badly off financially,then Dominica is alright.I don’t want my country and by extension my people to be in perpetual poverty.What is your solution to getting Dominica’s fiscal house in order.India turned to technology,Cuba is turning to pharmaceuticals,do you have ideas for Dominica?or do you want us to continue to be satisfied in poverty like our neighbours.
I think one of Mark Marie’s solutions is to for Dominican women to make more babies to increase the population At least that is what he proposed in 2009 on the Hot Seat show as reported by Dominica Weekly on 27 August of that year. I don’t know why, when we have big problems looking after the people that are already here ans so many leaving because there are so few jobs. The only thing I can think of is that a lot of people without a job keep wages low and are easier to bribe for a vote. The church used that successfully for a long time to control the people with the slogan”keep them pregnant and poor”.
You are making an assesment of my statement that I said or implied that it was ok to be poor because our neighbours are poor. I certainly did not say that although since poverty or wealth are relativistic rather than absoulte concept indeed one’s wealth or lack of wealth is always measured relative to his neifhbours. However I did not say that since I was not asked to comment the concept of relativism with respect to wealth.
Here are a couple ideas I have for improving our wealth profile:
1. strive to make Dominica a leader in the export of eductaion services. WE already have two medical schools catering to foreign students. We can expand the range of subject matter taught at here by establishing new universities that would offer education in a multiplicity of disciplines.
2. We can create a fiscla regime to attract the domicliation in Dominica of Intellectual property.
3. You can provide two suggestions yourself.
Let’s revoke the citizen ship keep DA clean. my simple suggestion Let’s send Peepip Sr.Counsels Medard etc to China. in Pjamas at 3:00 am by plane from Charles-Douglas-Skerrit Internation airport or by fishing boat from woodridgeBay Port.on a one way
Mr Marie
I would like to suggest three ideas which will contribute to Dominica’s wealth:
1) appoint qualified, experienced professionals to roles and stop the appointment by association criterion. This will create better decision makers.
2) Regenerate the agriculture sector.
3). Give Dominicans the opprtunity to work alongside the foreign experts as thus will encourage the transfer of skills.
Yes I do Jonathan St.Jean. I would have my subjects trained in Agriculture move to Philly.and find employment in a green grocery and pretend otherwise.
Let’s say am Mc Authur.having returned from the passific like the politicians and advisors.
Including agriculturists in super market agri sections. in radom supermarkets.
The P.M. is much too arrogant and surronded by a bunch of ego-maniacs to accept help from anyone, other than his Labor Confadantes. The art of governing and decision making means that one must lay their ego aside and listen to suggetions from others, before making cettain decisions. Dr. Fontaine’s “Olive Branch,” will fall on deaf ears, in the same manner that Lindo Park is now at a standstill, because of “One Daniel Lugay.” We know that the P.M. hates him with a strong ignorant passion.
Mark Marie is clearly looking for some government favor. The news is old because UWP for years now have been trying to alert Dominicans about the pending debt crisis with no help from Mark Marie in combating the endless propaganda put forward by Skerrit and his supporters to fool Dominicans about our debt problem. The news is that what UWP has been saying for years now has finally been confirmed by reputable external sources. At least Mark Marie has been listening to the wisdom of the UWP for years now. However, when Marie supports Skerrit’s racketeering passport selling program over a government program to increase employment and production, one must question his credibility as an accountant.
Economist not accountant
Thanks Mujahardin. Would you be so kind as to tell me what Government favour I am or should be looking for? Quite frankly I could do with a couple favours! The question of debt in the Eastern Caribbean has been in IMF and ECCB reports among others for many years, since the 1990’s in fact. The precarious fiscal position of the Government really was not news to me, and I had no reason to pretend that it was. I assume that you were not aware of the problem before this story broke on DNO.
McMarie we are 15 years into the millennium what does the economy of Eugenia Charles or UWP have to do with the status quo. It is contradictory to refer to the 90,’s when we were ahead of some of the islands in the 90’s and now we cant keep up with those islands .
Stop playing pussy cat and speak out for Dominica.
That may be so Mr. Marie. The reality of economic difficulties for the Dominican and other Caribbean governments has been around for some time. However, persons like you with a wealth of training and understanding on matters related to economics, have a responsibility to address these matters with seriousness and to explain it, simplify it for us who do not have that level of understanding. I also feel that you have a responsibility to make suggestions as to solutions rather than just rubberstamping the activities of the government. Do you, as a knowledgeable man, have any suggestions as to ways/options for revitalising our economy other than the wholesale provision of passports sir which benefits those who sell them but really do nothing to assist the poor out of poverty? Do better than that sir!!! For the betterment of your country and its people!!
Mr Marie
Sometimes it is better to say nothing than to vocalise our thoughts, and In my humble opinion, I believe that this is an instance when you should have kept your opinion to yourself.
You have lost all credibility of an economist, as your modus operandi appears to be that because the problem has been around for a long time , there is no need for alarm or corrective action. This is s absurd.
I think you should stick to music and leave economy to the experts!
I think that a lot of you put the blame on the present government for the state of the economy. The government before that had a big hand to play in what is happening to Dominica now. So instead of playing the blame game all should come together to work for the common good of the Dominican people. The whole world is in crisis and it will take hard work and sacrifice on the part of everyone to help the situation.
“Recently Prime Minister Roosevelt Skerrit stated that the country has its pick of either the economic citizenship program or increased taxes for the generation of revenue for the government.” I am not economist, but this quote says a lot about our economic position. It is likely a foreshadowing of what could happen to us. Seems to me, the Minister of Finance, under whose control and guidance the livelihood of all Dominicans depend, could not have seriously offer these alternatives.
There’s no disputing that Dominicans must pay more – only in the short- to medium-term – for increased reliance on government services. But the Ministry of Finance ought to look at the array of natural resources we have and seek to explore and exploit them to jump-start our failing economy.
Rather than the constant politicking and endless traveling abroad hat in hand, the Minister for Finance ought to stay home, convene and empower an Economic Commission to catalog and offer advice for…
It is strange that Mr. Marie points out that “if” it is stable debt its not bad but if it is increasing then it is a problem and gave me the impression that he is not sure what is the cause of our high debt. However, he was quick to endorse the passport scheme as a solution and that’s the only one.. Life is not about how many degrees or PHds and how much knowledge you have, but how you can use the little knowledge you have to work for you. The Caribbean is in debt because on paper we are independent but in reality the only independence we have is the freedom to choose our own Master. Today we have chosen China. To be in debt is to be enslaved. I will say no more.
i would like your comment 100 times if i could. The lady on our money is not a Dominican.
You think our money would be worth more if it had a Dominican on it? Garcon, look what happened to Zimbabwe money. It costs more to print than it is worth so they have given up on it and officially are using the U.S.$.
I am not a UWP voter.
I believe that Marie is spouting rubbish. Dominica needs to regenerate the agriculture sector. We need a sustainable program, not a sticky plaster solution namely selling passports.
I believe that Marie needs a refresher course on economics.
Words of wisdom Mr. ZULU. Your thoughts echo my views quite well. However in all fairness we must remember that the citizenship schemes have been adopted and carried out by the three parties that have been in power since Independence. This leads me to believe that all these Governments believe(d) that the small, ageing population cannot provide sufficient taxes to allow the Government to provide the range of services that the population requires.
Mc Carthy I love my country first, however in 4.5 years a layou river hotel was started. Today it lies ruined like some old structure from the Roman empire. Killed by the current rulers. Dominicans worked on there. People from St. Joe and layou. Fast forward 15 years we cannot complete one hotel and structures built by foreigners. As a professional your voice should be loud on our current situation. You had an opportunity to give concrete ideas but instead chose to endorse a badly abused and mis managed program. I guess DNO was publishing what they want. As an educated economist it is your responsibility to ensure that Dominica gets the best from your words, thoughts, and action. You did not do yourself justice. All I heard from you it was OK to be in debt as long as others around you are. What is the point calling yourself an economist if you cannot make or aspires to make a difference. I believe you could do better.
You could add that, “the population demands”, at least some of them. Some do not have a conscience and do not appreciate what has been done in D/ca and the cost of it. They are never satisfied. They continue to criticize.
I am wondering if they, as non DLP supporters have not contributed to this situation since they also consistently debase their PM, the country and those who appear to be DLP supporters.
Mr. Marie, as an economist why don’t you comment on the size of the Cabinet, the extra cronies
that the PM has added to the payroll. Why do we have the largest cabinet per capita in the Caribbean. Comment on that, all this extra monies going in salaries for these people could go towards buying medical supplies for the hospitals. let me hear your views on that.
Also why don’t you question where all these loans are being used, certainly not for anything productive in the country. With all due respect, you are simply singing for your supper
Thanks Laura. Where and hen can I sign up for the course?
One can clearly see that Dr
Fontaine is a real professional.This man makes me proud to be Dominican. Skerrit and the gang please call on the good doctor to help this dying economy? Fontaine bordered on the key areas to help address the problem of this economy.Maries response is bordering on idiocy.It’s like let the debt accumulate. No regard for the future generation and how this will affect them.SHAMEFUL!
Thomson cannot control is own debt crisis but he wants to help in developing a strategy for the government. Cordonnier mal chaussé – Thomson.
My instinct informs me, under the circumstances as a non DLP supporter, his offer should be ignored. You know, if he does, what he will state and project as a proud peacock.
Surely, the government could seek out economists to provide such advice; not a member of the opposition which would not be wise.
Wasn’t Brutus the one that stabbed Caesar in the back. Mr. Skerrit better be careful.
Vince was on Kairi this morning giving the DLP supporters the assurances that Dominica is in the best of health, however, a report coming from the Business Insider reports, Dominica, according to De Spider, is not going down slowly but would have appeared to reach rock bottom.
If so, as a national, you too must have reached rock bottom. What feasible suggestions do you have to assist in this regard?
Get rid of this corrupt government!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Dominica is @ its highest level of debt in its history.
What else do you have to offer, to assist it?
I merely wish to quote Worldbank report PAD659 of 2 April 2014, of which Govt. has a copy, pertaining to a proposed credit for Dominica:
“DOMINICA HAS UNSUSTAINABLE DEBT LEVELS< WHICH HAVE LARGELY RESULTED FROM INADEQUATE FISCAL MANAGEMENT…".
This the Worldbank talking, not Malgraysa and to be honest I trust their judgement to be more accurate than our Minister of Finance anytime.
Malgraysa, please share the website or other source where this fictitious account of yours can be found…
I assure you that this report is not fictitious. It was published by the Worldbank and is available on line – that is where I located it. If not you can always verify this with P.S.mr. Harold Guiste, who is listed in the document as the co-ordinator of this application for soft loan/grant financing under the guidance of Hon. Dr. Darroux.
Well this have been evident for a long while and this is what happens when political interest supersedes the interest of the country. skeritt had a perfect opportunity after Pierre Charles had right sized the economy on the right track. instead he decided to play politics and put his own political interest over the interest of the nation with the resulting results.
skeritt you will judge harshly by the history books for your mismanagement of the country resources ….. you spent money on useless projects such as state house instead of putting these moneys into the productive sector such as improved farm access road that will result in increased economic activities. you need to change course and change it immediately, you need to get rid of the useless a kissers and bring in persons who have expertise in economic development, the economic council should not be another party bull but bring in people with the skills
Thompson says the UWP is willing to aid the government develop a debt management strategy. I guess he wants to dig a pit for the government.
State that again. It looks like it, in disguise. I hope the PM is smarter than that not to accept his suggestion.
Mr. Marie borrowing to pay your debt is not necessarily a bad thing? If in my personal life I have to borrow to pay my, I think I would be in serious problem. Especially where it has been going on for years. Eventually it is going to catch up with me. Debt increasing, and production/revenue is not increasing is trouble. I don’t need an economist to explain that to me.
What else is new? Every country borrows and all the time. Their government’s consistent concern is to bring down the deficit. By doing so, they cut costs, close certain departments and end some vital services, increase taxes, and lay off staff. In the interim some people suffer.
I wonder if they will ever succeed in decreasing debts and the deficit? All countries are indebted to their lenders. As the years progress and overall costs increase, it looks like it will not change until the end of time. They simply have to keep their heads above water, so to speak. All nationals throughout the world are doing that.
your comment makes you sound like you need to sign up for a few classes sign up this fall semester
Now this is OLD news???? Was it old news when $300 million MOU was being signed last year? When $27 million went into a non-productive sector? Is like Dominicans have the memory of a fly. After our last IMF adjustment you’d think everyone would be watching the government debt and saying NEVER AGAIN. But we will lie to ourselves to keep our friends in power. Let them get rich knowing what is to come in future years.