International Monetary Fund (IMF) Mission Chief Sergei Antoshin, who was reading a press release reporting on the organization’s Article IV consultation on St. Vincent and the Grenadines (SVG), at Cabinet Room on April 28.
By Admin. Updated 3:08 p.m., Tuesday, April 28, 2026, Atlantic Standard Time (GMT-4).
The International Monetary Fund (IMF) has cautioned that St Vincent and the Grenadines’ proposed Citizenship-by-Investment (CBI) programme could generate only limited revenue while exposing the country to significant risks.
The warning comes as the country faces public debt of 113 per cent of GDP, with projections showing a potential rise to 145 per cent by 2031 without policy adjustments.
According to the IMF, “A CBI program would likely result in limited fiscal revenue amid competition, but would carry reputational, legal, financial, and fiscal risks.”
The Fund advised that if implemented, the programme should follow strict regional standards and focus on a single donation-based model, while discouraging real estate or investment options.
Importantly, it stressed that any revenues generated should be used “solely for debt reduction”, rather than financing new expenditure.
In February 2026, during the presentation of the Appropriations Bill (the National Budget), Prime Minister Dr. Godwin Friday announced that Saint Vincent and the Grenadines will launch a Citizenship by Investment Programme (CBI) by the middle of 2026.
Dr Friday said the programme is intended to secure a resilient and sovereign financial future for the nation, reducing reliance on debt while financing long term development. He stressed that the scheme will not be driven by revenue at all costs, but by integrity and resilience.
In its April 18 press conference and press release, the IMF recommended that fiscal planning frameworks, including the national budget and fiscal rules, should be designed excluding CBI revenues, to avoid overreliance on uncertain income streams.
This caution comes against a backdrop of growing fiscal strain, including a projected 12 per cent of GDP deficit in 2026, and persistently large external imbalances, with the current account deficit at 20 per cent of GDP.
The Fund further highlighted that strong governance, transparency, and robust anti-money laundering frameworks would be critical to mitigating risks associated with such programmes, particularly amid increased international scrutiny.
Here is the full text of the IMF’s statement on Citizenship-By-Investment and a link to the IMF’s website where its entire press release was published:
“A Citizenship-by-Investment (CBI) program planned by the government could modestly increase fiscal revenue but carries risks and needs to be designed carefully. A CBI program would likely result in limited fiscal revenue amid competition, but would carry reputational, legal, financial, and fiscal risks. Adherence to regional standards and best practices in due diligence, integrity, and transparency would help reduce—but not eliminate—these risks. The goal of the program would be to maximize fiscal revenue. The optimal design of the program is a single donation (fund) option, while an investment or real estate route is strongly discouraged. CBI revenue should be used solely for debt reduction. The budget, medium-term fiscal framework, and fiscal rule need to be formulated net of CBI revenue.”
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