ST. JOHN’S, Antigua – Parliament has given the green light to Government to secure a US$15.8 million loan from the Caracas-based Banco del ALBA to facilitate the island’s move to acquire additional shares in the cash-strapped regional airline, LIAT.
Prime Minister Gaston Browne told legislators Tuesday that his administration anticipates the recapitalization of the airline will make LIAT more efficient and profitable as he warned of salary and wages reductions.
“A condition of this new capital would be that there has to be cuts including a reduction in salary and wages,” he told Parliament, adding “I’m pretty sure that there’ll be some changes even with the directorship of LIAT. (CMC)