first_img Share Prime Minister Roosevelt SkerritStakeholders met today, Monday April 24, 2017, for a one day national consultation to discuss the Citizenship by Investment (CBI) Programme at the State House Conference room. The consultation, which was held under the theme ‘Development Prospects for Dominica within the context of the Citizenship by Investment Programme (CBIP) as a platform for Raising the Funds necessary to Finance Development Activities’, must be viewed in the wider context of the current economic realities of the world, Prime Minister and Minster for Finance Roosevelt Skerrit said during his remarks. “Dominica is but a nation of seventy-two thousand souls residing on a land mass of two hundred and ninety square miles. Whatever we seek and aspire to achieve must be within the capacity and capability of that seventy-two thousand population to sponsor and sustain,” he said.“We are fortunate, not only as a government but more significantly as a nation, to have been blessed in recent years with the manifestation of genuine friendships and well wishes from cherished sister countries who have been very kind and generous to this country and its inhabitants,” he continued.However the world is changing, he said, and it is becoming more evident that going forward fortitude and discipline is necessary to chart a path based on Dominica’s capacity and ability to finance and pay its way through life. “The reality is ladies and gentlemen that inflows of direct foreign investment into the Caribbean have declined, we need therefore as a nation to sit and analyze what is possible and what is practical within the constraints of our population base and very limited resources. We need to know what we can commit to over a twelve month, three year, five year or ten year period based on guaranteed supply.”The Prime Minister explained that just as in a business the leaders plan their companies work schedule for the week, predicated on anticipated performance criteria on Monday mornings, the same practice applied to the management of the national economy. “What is produced is explicably linked to what is earned and what is earned influences and determines in large measure what expenditures can be made and committed. Simply put, a basic rule of thumb in the world of business is that you should not spend more than you’re likely or even more prudently what you’re guaranteed to earn. To do otherwise, is to court serious danger. The same practice applies to the management of the national economy.”He continued, “However, for the state it becomes even more complicated when the variable of social responsibility which does not apply to the private sector is factored into the equation; for whether earnings are up to par or not, there are social obligations that a country has to its citizens and from which it cannot escape irrespective of budgetary constraints or realities.”Therefore, the national consultation on the CBI he said is about stakeholders meeting and availing themselves of the opportunity to draw on the knowledge and expertise of those in their midst who can be relied upon to bring and provide objective input and analysis on the health and workings of the Dominican economy. “To this end, the art of good governance in the year 2017 will demand that we seek out ways and means of managing our slender resources to the equitable benefit of all seventy-two thousand resident Dominicans and the thousands of visitors who contribute annually to our economic upkeep.”A panel discussion preceded the open discussion segment of the consultation with presentations from four local experts. They were Dr. Lennox Honychurch, Karen Williams. McCarthy Marie and Dr. Eisenhower Douglas, who presented on ‘A historical perspective of development in Dominica (Strategies used by past Administrations)’, ‘Financing economic development in the ECCU, the CBI as a tool for financing development (and not consumption)’, ‘Recent trends in Dominica’s economic development (a private sector perspective)’ and ‘Reducing vulnerability in the context of climate change and need to build with greater resilience; meeting the cost of building with greater resilience’ respectively. – / 11 460 Views   6 comments Share Sharing is caring!center_img LocalNews National Stakeholder Consultation on CBI convened by: – April 24, 2017 Tweet Sharelast_img

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