From: Grenada Overseas,
Subject: Re: Minister “spins’’ GIIP, saying it’s not rejected
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Program shelved ahead of budget presentation St. George’s, March 4, 2012 – Just days before the presentation of the 2012 budget, ministry of finance officials in Grenada are being forced to revisit their projected sources of revenue for planned programs and projects of government. The country was expecting to generate millions of dollars under an initiative called Grenada Individual Investor Program (GIIP). However, according to a finance ministry source, GIIP has been put on hold for the moment. “Our information is that the idea did not receive the approval of a majority of cabinet members who recently met to discuss the program,’’ said the source, who spoke on condition of anonymity. It is believed that many government ministers, as well as longtime supporters of the ruling National Democratic Congress, fear backlash from the implementation of GIIP, which is reminiscent of the “passport selling’’ Economic Citizenship program of the former New National Party (NNP) administration. The NNP program, which allowed successful applicants to secure Grenadian passports, may have contributed to the party’s 2008 general election defeat, and led to Canada’s inclusion of Grenadians on a list of foreign nationals who now require visas to enter that country. In a series of media appearances in late February, Finance Minister Nazim Burke acknowledged that there is likely to be “a lot of national anxieties’’ about GIIP because of the failed economic citizenship program of the NNP. But he was confident that GIIP, once approved by government, could “bring substantial benefits to Grenada if it is well designed; if it is properly managed; if it is well implemented.’’ Burke said GIIP “provides an opportunity to expand the national economy; to increase the revenue base for the country; to increase employment generation; and is an additional source of foreign exchange for Grenada.’’ The 2012 budget, which was rescheduled from its expected January presentation, will be delivered on Friday, March 9, by Burke, who is also Minister of Planning, Economic Development, Cooperatives and Energy. The country is facing a budget deficit estimated to be about EC$100 million. -30- |
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Follow Ups:
- Re: Minister “spins’’ GIIP, saying it’s not rejected steve 08-Mar-2012 14:56:36 (0)