ECONOMIST EXPLAINS WHY CBI PROGRAM IS ESSENTIAL TO DOMINICA

ROSEAU, Dominica (CBN4).- A local economist has defended the necessity of Dominica’s citizenship by investment program, amidst criticism by the opposition United Workers Party (UWP) about the rapid growth of the programme and its transparency.

McCarthy Marie said he sees no problem with the growth in revenue from the programme, given that it is run like any successful business.

He said the disappointment would be just as great, if not greater, if the program had the opposite effect, generating little or no revenue.

“Twenty-five years ago I had a discussion on DBS Radio with Lennox Honychurch, I don’t think the citizenship by investment program was in anybody’s mind at the time, where we kind of concluded that Dominica was probably not a viable economic entity, or political entity because of the fact that the population of Dominica was simply unable to support all institutions of government and the services that they demand from the government,” he noted.

Marie, speaking during a post-budget panel discussion on July 26, said that the programme is essential to Dominica’s economy.

“We can’t pay enough taxes to fix all the roads around Dominica, much less to build new ones, or build a new airport, etc, etc. So, by all means, we must get resources coming from abroad. And the resources that used to come from abroad used to come in the form of grants like to build a school. 

“So it would build the school and the school would stand there with all the furniture in it, but you still have to get money to pay the teachers. 

“But where are we getting money to pay the teachers? So we absolutely need this source of revenue, not only to replace the lost grant and so on, but to improve the whole functioning of the economy, to improve the infrastructure.”