New ECCB Governor Timothy Antoine has acknowledged the need for transparency in the collection and use of the funds generated from the Citizenship By Investment (CBI) Program.
At a media session on Wednesday, he noted that governments should publish all of the inflows and outflows of such funds. He said “We believe it is extremely important for people to know how much is collected, and how it is spent. So we welcome the efforts of government to establish in the last budget, specifically, how much is coming from CBI, and what it is being spent on. We think that’s important.”
Governor Antoine added, “We suggested that a template can be used to publish this information on a regular basis, so that anyoneat home or abroad, can see this information, and understand what is happening with the program.”
He said no one knows how long the CBI will last, and therefore advised governments in the sub-region to be prudent, and do not use the money for recurrent expenditure, such as wages or electricity bills, because, if the funds stop coming in, you’re in trouble”.
He further advised that the funds could be used to pay down government’s domestic arrears to local suppliers of goods and services, and local businesses, as well as to pay down on foreign debts, and to build physical infrastructure, such as roads and bridges.
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