Francis says CBI Program will phase out

(L-r) Joshua Francis, Dr. Thomson Fontaine

Member of the United Progressive Party (UPP), Attorney Joshua Francis said he is of the firm view that at some point the Citizenship By Investment (CBI) Program needs to be phased out.

He was speaking as a guest on Q-95 Radio’s ‘Talk on the Block’ Program on Tuesday.

According to him, the party’s policies are under construction and as such he made it clear that he does not want anybody to think that answering those questions necessarily reflects the party’s position. “This is Joshua Francis’ position.”

“As for me, I am of the firm view that at some point that we need to phase out the CBI Program. There are serious ramifications associated with the CBI program,” he stated

He asserted that the government has not used CBI revenues in the best interest of Dominica.

“The government of Dominica has invested in a lot of dead-end projects, meaning that those projects were not implemented to grow the economy and sustain the economy to generate more jobs, more productivity and hence bring sustainable economic growth,” Francis stated.

Furthermore, he argued that a lot of CBI revenue has been utilized in non-productive sectors and that includes the welfare programs.

However, he said overall the CBI Program has done good, “but at some point, it has to go.”

“We cannot keep selling our birthright and expect all things to be great in the future to come,” Francis remarked. “You cannot keep selling Dominica, at some point we have to stop.”

“He continued, “If we continue on the trend we are right now in years to come we are going to have 200, 300, 400 thousand CBI citizens out there.”

Francis went on to state that the CBI program is volatile, it can change at any time.

“Based on what happened in the global architecture we may just have the demise of the CBI program, then what?” He asked.

He pointed out that over 60 percent of government revenue comes from the CBI program.

“And if this collapses suddenly, can you imagine the hardship that we will go through in Dominica?” Francis remarked. “You cannot really run an economy and a country on something that is so volatile in the long-term.”

Meanwhile, during a recent press conference Political Leader of the UWP Dr. Thomson Fontaine said the CBI program, “is on its last leg.”

“The reason why I say that is even within the European Union countries have been forced to shut their program down,” he explained.

Dr. Fontaine said he does not believe that a country’s development should be factored solely on one major thing.

He also mentioned that it is very hard to see the CBI Program advancing beyond this point.

 

 

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4 Comments

  1. if we knew better
    May 16, 2024

    They should have used that money to create a fully sustainable industrial site for agro processors to grow to their full potential and be able to produce at a standard and capacity that is export ready. We have shot ourselves in the foot with all these unsustainable hotels. Look at the one at Portsmouth Beach that cannot finish. Look at Intercontinental that cannot operate at a sustainable capacity. The others we will wait and see. But they are right. Social programs and poorly constructed infrastructure and grand hotels that cannot be filled. Instead of creating avenues for locals to flourish. They have created avenues for foreigners and their little friends to fleece Dominica.

  2. Magway ca
    May 16, 2024

    Dominica could have fed the Caribbean during covid and come out filthy rich after it . But with CBI money uncle ( skerro) can dictate who makes money from that program . But with agriculture he cannot dictate who makes money . That means he cannot starve Marigot and Salisbury. So he kill agriculture to make those communities fail.
    Dominica used to be number 1 for agri in the Caribbean . Look at us now . Depending on people buying passports to surport a nation .
    So much money disappears from cbi . And then you have Mmc wasting money using 8 inch blocks where 6 inch blocks are used . Giving them all contracts on the island and have there owner walking round talking to people with such disrespect.
    Not to talk for the Chinese that does do what they want and then call police for when the locals stand up to them .

  3. kubulol
    May 16, 2024

    Indeed, selling DA citizenship for money laundering “investors” has to stop
    Let these maroons face justice in their own countries

  4. MEME
    May 15, 2024

    CBI revenue has made a very very small percentage of the population filthy rich, but generally it has not impacted the ordinary man like the St Kitts CBI programme has done. Sad things is if it ends now, after 24 years in government, those clowns governing the country has nothing to replace it with.
    What a visionless cluster of greedies. The biggest cabinet in the WORLD, but the laziest, most retarded, corrupt and myopic.

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