St. George’s, March 8, 2012 – Information Minister, Senator Glen Noel, is denying reports that a proposed revenue-generating initiative from the Minister of Finance has been shelved after failing to receive majority support in cabinet.

Finance Minister Nazim Burke has been promoting the Grenada Individual Investor Programme (GIIP) as an initiative that could “increase the revenue base for the country, increase employment generation,’’ and provide an “additional source of foreign exchange for Grenada.’’

GIIP closely resembles the failed “passport-selling’’ Economic Citizenship Programme of the government of former Prime Minister Keith Mitchell; and many members of the current government are reported to be uneasy about implementing what could be interpreted as a new version of an old and controversial scheme.

However, Noel claims that it isn’t that GIIP doesn’t have cabinet support. Cabinet members, he said, have decided to put the implementation of the programme on hold while consultation is held on whether Grenadians approve of GIIP.

There is no timeframe for the introduction of GIIP, said Noel.

However, government sources have accused Noel of trying to put a positive spin on the issue. They insist that GIIP has been rejected, with no attempt expected to be made to implement it before government goes to the poll in general elections due by next year.