- Details
-
Economy
-
Friday, 16 December 2011 02:30
-
By caribarena news
Antigua St John's - The Antigua Labour Party (ALP) has a better, and possibly infallible stimulus plan in store for Antigua & Barbuda. This is the position of former finance minister and Chairman and Deputy Leader of the ALP Gaston Brown, during his presentation to the budget debate on Thursday morning.
Brown told his fellow MPs that the people of the country would not accept another contraction of the economy. Antigua’s economy has contracted in three successive years, Brown said, and he fears another would be inevitable if the current administration, or at least the current minister, remains in office.
“If the Hon Member for St John’s Rural West does not do something about the member for City East by New Year, and allows this country’s economy to contract again in 2012, well Crapo definitely smoke his pipe… If that is the standard by which you are running this country, then you don't deserve to be prime minister…” Brown said.
He said the ALP has plans that would generate more than $300 M in economic activity by using existing programmes.
Brown said rather than allowing the 2.5 percent added to the ABST for hotels to trickle in on a monthly basis, the government could use that differently.
“Assign $7 million to the CDB and borrow $100 million upfront,” the former finance minister proposed, adding that this money could be used for several projects immediately. “The CDB is there to provide that kind of support. And if you have the revenue stream and a viable proposal, I do not see why they would not look at it.”
So far, Tourism Minister John Maginley has announced plans to use that $7 M for additional tourism marketing initiatives in light of his cut budget.
Brown said he made the proposal because the situation in the country is becoming more desperate each day, and the government must be aggressive and assertive to provide opportunities for the people.
“I believe very strongly – and I know this does not have the full support of this honourable House – that this country should move immediately to introduce an economic citizenship programme ... which should yield at least $100 M in the first year,” Brown said.
He said he has raised the subject “invariably” with ambassadors and others over the past year while deputizing as leader of the opposition, and “invariably” they would respond in support “providing that it is a well-regulated and transparent programme.”
Brown proposed a program like that in Dominica, that offers economic citizenship for an annual investment of US$20,000. His idea would be to charge as much as US$300,000 or US$400,000 annually.
“You also want to have a situation in which you open your books to your major developmental and trading partners, like the United Kingdom, Canada, and the USA, so that you send them quarterly or half-year reports of the people you are granting these citizenships to," he said. "You would have done your due diligence by having a few international firms check these individuals to make sure they are legitimate businessmen."
With a totally transparent programme like this, Brown said the country could not lose. He said he has done the groundwork on the initiative, and assured that it would work and the people - local and investors - would accept it.
“Presently, in St Kitts, I understand they are yielding almost US$100 M a year. I am suggesting that we get at least EC$100 million,” he said.
That would bring the total so far to EC$200 M in economic stimulus for the country, with little to no injection from the government coffers.
Brown went on to reiterate the ALP’s position of listing 49 percent of the State Insurance Corporation on the Eastern Caribbean Stock Exchange, generating $50 M for development, while still maintaining controlling interest in the entity.
The ALP chairman also pointed to the $50 M revenue that could be generated from selling large plots of crown land.
“That is your $300 M there in new monies," he said. "You have to do something to stimulate this country’s economy."
Brown also suggested that the country’s “high-paid” ambassadors living abroad should be given a significant investment and tourism promotion mandate, and their remuneration should be tied to performance so that they could seek investment and get people and economic activity flowing at home.
He said his party has several other ideas to stimulate the economy, and would have no qualms in working with the governing party to have them implemented in the interest of the people.
39 Comments In This Article
@tenman...talk is cheap...
Jumbee Picknee
...talk is cheap...
Jumbee Picknee
Jumbee Picknee
..
tenman
...talk is cheap...
Jumbee Picknee
...talk is cheap...
Jumbie Picknee
RE: Gaston Brown Presents ALP Financial Plan
Fred
@ Tenman
Worldview
Passports for sale
the truth
@ tenman
Morris
@ Tenman - Leading From The Front With Research
John French II
missing story
..
tenman
Morris
..
tenman
tried to stay out part 2
..
tenman
@ tenman
Morris
Morris
Quote: see http://www.antiguaobserver.com/?p=65722
..
tenman
tried to stay out
Quote:I find the debate on the land issue strange. In the very budget it states the government will make available for sale some 127 acres (5532120 sq feet) of land. Lets admit that per sq foot we talking at least 8.00. We are therefore talking about the sale of land totaling some $44,256,960. This figure does not include the lands that will be set aside, at Dow Hill, for Antiguan's living abroad. We have lands sitting idle with bush growing, The government via CBH probably spends millions clearing these lands yearly. Why is only Browne being attacked for his suggestion that we sell crown land when no one says anything when the government has stated this is the plan?
..
tenman
Is it just me?
1 sq ml = 640 acres
Antigua = 108 sq mls = 69,120 acres
Barbuda = 68 sq mls = 43,520 acres
My concern is, since we cannot touch the lands in Barbuda to sell to foreigners, how much land is GB talking about giving up on Antigua? How much land is left over after we factor in what is already in the hands of private/local citizens, what is already given to foreign entrepreneurs, and how much is allocated to farming for sustenance? He is throwing around that idea as is there is an over abundance of land to satisfy this dream. Then again, since the gov't saw it fitting to reduce the Ministry of Agriculture's budget, perhaps that is what they plan on doing with the land. These people never cease to amaze me.
Morris
no disrespect
Skyewill
@ Confused and Skyewil
1. Why would anyone want to buy Antigua's passports when the US, UK and Canada has better economic residence programs on offer. We lack the credibility and we will lose Visa free travel to most countries as per John French.
2. If we exchange our land (assets) for coloured bits of paper then spend them on travel, office rentals and non productive staff and fences then what exactly does Antigua Barbuda get in return. Zilch.
Gaston seems to have a personal interest in the passport scheme, is this the most he can come up with and expect us to trust him to lead this country.
Dessalines
Gaston has shown to think as an entrepreneur #7
From the Side Line
Gaston has shown to think as an entrepreneur #6
From the Side Line
Gaston has shown to think as an entrepreneur #5
From the Side Line
Gaston has shown to think as an entrepreneur #4
From the Side Line
@ Skyewill - SOS! SOS! This Ship Is Sinking!
Heaven Save The People of The Nation Of Antigua & Barbuda from this short sighted Political Elite. Go Well My Brother! Respect.
John French II
Gaston has shown to think as an entrepreneur #3
From the Side Line
Gaston has shown to think as an entrepreneur #2
From the Side Line
Gaston has shown to think as an entrepreneur #1
From the Side Line
The Good, the Bad, and the Indifferent
I like the plan about selling SIC. However you must remember that as a result the government will no longer be able to dip into this company as a personal piggybank as it has been used in the past! An SIC on an open market will result in greater accountability for this and other statutory corporations
Common Cents
The Good, the Bad, and the Indifferent
The Bad
Borrowing 100 million from the CDB - Just no. Definitely not. The way forward is NOT to borrow more money. Both present and past governments have had serious issues with repaying the already existing debt. The answer is not MORE debt.
The Indifferent
The Economic Citizenship programme sounds amazingly lucrative. However it has the potential to be VERY dangerous if we even let ONE ill intentioned individual through. You need look no further than "SIR" RA Stanford as an example.
Selling crown land - also has merit. However the question if whether this will be to "friends and comrades" at reduced rates or whether this program will be fairly and equitably administered. Another question is, is there the demand for $50 million worth of land to be sold? Where will this land be and what type of land?
Common Cents
Some solutions
Confused
Some solutions
What Antigua needs is to reduce taxes, but at the same time the government must also reduce spending....you cant complain about the tax burden and at the same time want government to increase spending. Reduce ABST to 10%...have a Road net works plan..everyone cant get roads at the same time...increase monies paid by immigrant workers...corre ct the poor people programs to ensure that the people who really cant afford getting them....make electricity cheaper for everyone by...collecting moneys owed to APUA by big businesses. If Tourism is our main industry my thinking is if tourism grows everything else grows..you cant want to invest in house construction because that is dependent on growth in Tourism....inve st in Tourism! Cut Gov. Waste!
Confused
Then What?
Skyewill
Black listed
I hope you also understand that St. kitts in on some major bank list to not open accounts for and Nevis also have issues. Keep biting off what you can't swallow. Do you think the USA, Canada, or the UK would trust the folks who bought us Mohammad and Melvo AKA DC Snipers? Seriously? Not post 911.
Skyewill
State Insurance Corporation
Skyewill
possibly infallible
Skyewill
Voice from the North
Well done Gaston you are maturing as politician
John James
RE: Gaston Brown Presents ALP Financial Plan
Cool Ruler
WHO IS THE LESSER OF 2 EVILS?
OO7
RE: Gaston Brown Presents ALP Financial Plan
WAWA
RSS