Antigua Government Gets Nod to Pump US$15M into LIAT

(Caribbean360) October 30, 2019 – Parliament has given the Gaston Browne-led administration the green light to secure a US$15.8 million loan to buy additional shares in the Antigua-based regional carrier LIAT.

But the Prime Minister has served notice that the financing will come with cuts, including pay reductions.

A resolution allowing the government to obtain a loan from Banco del ALBA was passed yesterday in the House of Assembly. Browne, who is also Finance Minister, said he negotiated the 10-year loan on September 11.

“This loan will be termed out over a period of 10 years, at six per cent per annum, with an annual repayment of about EC $6 million — about US $2.2 million a year,” he said.

Read more at: Caribbean360

Source: CARICOM TODAY