Prime Minister Allen Chastanet says St. Lucia will not be investing in reginal carrier LIAT.
Guyana, St. Kitts and Nevis and St. Lucia were invited to invest in the financially strapped regional airline as part of a last ditch attempt to rescue the failing carrier. According to Mr Chastanet, St. Lucia will not even consider investing unless LIAT undergoes major restructuring and becomes more commercially viable
Prime Minister Allen Chastanet has made no secret his views on LIAT..views that have made him unpopular among some regional colleagues
According to Mr Chastanet, the airline was given a new lease on life after complaining bitterly about the level of competition in the region with the likes of Caribbean Star, EC Express and BWI Express servicing the region.
The airline’s debt was wiped off and the company was recapitalized through the Caribbean Development Bank (CDB) in excess of 70 million dollars.
However, while over the last decade LIAT while the so called completion is no more, LIAT has once again found itself in a state of insolvency.
Antigua and Barbuda, Barbados, Dominica and St. Vincent and the Grenadines being the major shareholder are just not cutting it and have asked other islands including St. Lucia to invest.
St. Lucia, the Prime Minister says will not consider doing any of those things unless LIAT is restructured
Antigua and Barbuda, Barbados, Dominica and St. Vincent and the Grenadines along with Grenada, have agreed to contribute to the US$5.4 million.
Barbados, which has 116 weekly departures, the highest by LIAT, is being asked to contribute US$1.614 million, while Antigua and Barbuda, which has 69 departures, will contribute US$960,310.
Dominica, is being asked to contribute US$347,938 in light of its 25 weekly flights, St. Vincent and the Grenadines with 52 departures per week will contribute US$723,711 while Grenada, which has 35 LIAT departures per week, is being asked to contribute US$487,113.