{"id":238803,"date":"2019-11-01T13:08:48","date_gmt":"2019-11-01T17:08:48","guid":{"rendered":"https:\/\/dominicanewsonline.com\/news\/?p=238803"},"modified":"2019-11-01T13:09:22","modified_gmt":"2019-11-01T17:09:22","slug":"antigua-to-get-40m-loan-for-purchase-of-liat-shares","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/homepage-carousel\/antigua-to-get-40m-loan-for-purchase-of-liat-shares\/","title":{"rendered":"Antigua to get $40M loan for purchase of LIAT shares"},"content":{"rendered":"\n
\"\"
Prime Minister of Antigua, Gaston Browne<\/figcaption><\/figure>\n\n\n\n

A resolution has been authorized in the Parliament of Antigua and Barbuda, giving the St Johns government the authority to secure a loan of ECD $40 million to purchase additional shares in regional carrier, LIAT.<\/p>\n\n\n\n

The loan will be sourced with Banco del ALBA.<\/p>\n\n\n\n

Members of Parliament voted for the resolution on Tuesday, in a move to help save the struggling regional carrier.  <\/p>\n\n\n\n

Finance Minister, Gaston Browne anticipates that the changes will make LIAT more efficient and profitable but also warned that it would come with \u201ccuts including reduction in salary and wages\u201d.<\/p>\n\n\n\n

” A condition of this new capital would be that there has to be cuts including a reduction in salary and wages,\u201d he said.<\/p>\n\n\n\n

Browne, who is also the Prime Minister of the twin-island state, also anticipates a shifting around and possible change in the directorship of LIAT.<\/p>\n\n\n\n

\u201cI’m pretty sure that there’ll be some changes even with the directorship of LIAT. We have to make sure that we have a cadre of competent people and we may even create the space for members in the private sector as well to participate,” Browne said.<\/p>\n\n\n\n

He said sometime in September, as early as the 11th<\/sup>, he negotiated the loan to facilitate the acquisition of the additional funds.<\/p>\n\n\n\n

It will be termed out over a period of ten years at six per cent per annum, with an annual repayment of about six million ECD about 2.2 million U.S. dollars a year.<\/p>\n\n\n\n

$800,000 of the loan amount will be utilised to cover the transactional expenses at a percentage of two (2) per cent, as well as a one (1) per cent FFE contribution, which Browne explained is a contribution to the bank’s equity.<\/p>\n\n\n\n

This loan amount will add to the USD $500,000 dollar contribution made by the government a week ago, and a similar amount made to the airline earlier this year.<\/p>\n\n\n\n

In addition, the Antigua and Barbuda government will also be required to contribute to a social fund, which according to the prime minister, is a precedent condition when seeking funds from ALBA. The remaining the USD $15 million will be utilised to recapitalize LIAT.<\/p>\n","protected":false},"excerpt":{"rendered":"A resolution has been authorized in the Parliament of Antigua and Barbuda, giving the St Johns government the authority to secure a loan of ECD $40 million to purchase additional shares in regional carrier, LIAT. The loan will be sourced…","protected":false},"author":15,"featured_media":190475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[11,235,9,14],"tags":[],"class_list":["post-238803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","category-homepage-carousel","category-news","category-regional"],"acf":[],"yoast_head":"\nAntigua to get $40M loan for purchase of LIAT shares - Dominica News Online<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dominicanewsonline.com\/news\/homepage\/homepage-carousel\/antigua-to-get-40m-loan-for-purchase-of-liat-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antigua to get $40M loan for purchase of LIAT shares - Dominica News Online\" \/>\n<meta property=\"og:description\" content=\"A resolution has been authorized in the Parliament of Antigua and Barbuda, giving the St Johns government the authority to secure a loan of ECD $40 million to purchase additional shares in regional carrier, LIAT. 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