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Pilots, other stakeholders told to support LIAT’s restructuring plan

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The Heads of Government from five Caribbean countries have agreed that the restructuring plan which was designed by the Caribbean Development Bank (CDB) a year ago for regional airline LIAT must be implemented to ensure the future survival of the cash-strapped carrier.

This was the consensus reached following an emergency meeting in St. Vincent and the Grenadines on Saturday. The “Prime Ministerial Meeting” was held to discuss funding alternatives to ensure that the regional carrier continues to serve the Caribbean.

Prime Minister Gaston Browne, who attended the meeting, said implementation of the CDB plan calls for shared benefits and shared burden, and will require a significant amount of sacrifice from the various stakeholders.

“These stakeholders include the management and staff, suppliers, shareholders, to include other regional governments. Among the sacrifices would be the reduction in management and pilot remuneration perhaps up to about 10 percent and improving LIAT’s efficiency system-wide,” Browne said on Saturday during an interview on Pointe FM.

He stated further that the sacrifices will also include a reduction in debt of approximately US $60 million and the implementation of a minimum revenue guarantee for each route.

“In other words, there are no more free lunches. All the countries which have routes that are not viable, LIAT must be given a minimum revenue guarantee payable annually.

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“All of the above is imperative and they must be implemented simultaneously. It can’t be a situation in which the shareholder governments are called upon to carry their part of the burden and then the pilots, for example, decide that they are not cooperating and they want an increase,” Browne said.

The PM also warned that the re-alignment of LIAT is critical and any delay could be ‘catastrophic’. He has also appealed to all the relevant parties to cooperate with the pending changes.

LIAT’s major shareholders are Antigua and Barbuda, Barbados, Dominica, and St. Vincent and the Grenadines.

Last week, LIAT’s Chief Executive Officer Julie Reifer-Jones acknowledged that while the airline is facing severe financial problems it would continue flying through the region with support from its principal shareholders.

LIAT currently operates 491 flights weekly across its network of 15 destinations. Trade unions representing LIAT’s workers were due to hold an emergency meeting in Barbados to continue the dialogue regarding the future of the airline.

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One response to “Pilots, other stakeholders told to support LIAT’s restructuring plan”

  1. Even though I understand Liat’s plight, they must become more competitive! Expensive flights cannot be the answer!
    BA flights from Antigua to St Kitts are actually cheaper than Liat! How can this be?

In Other News

REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]. 

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]