The financial burden of MBIA
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- Details
- Parent Category: Feb 2012
- Category: Week end Feb 18th, 2012
- Published on Monday, 20 February 2012 19:52
- Hits: 335
The Ministry of Tourism and Civil Aviation is working with other Government departments, particularly the Attorney General’s Chambers and the Ministry of Finance, to arrive at a solution to the current financial difficulties being experienced by the Grenada Airports Authority.
This situation arose as result of the EXIM Bank of Taiwan obtaining judgment against the Government of Grenada for outstanding loans in a Suit filed in the United States.
The Taiwanese have made a claim for all monies owing to the Government of Grenada and its agencies to be paid against the loan. Consequently, a request was made to airlines operating on the Grenada route to pay monies owed to the Grenada Airports Authority to the Taiwanese.
An Escrow account has been established and carriers such as Virgin Airlines, British Airways and Delta Airlines have begun to deposit monies owed to the Airports Authority into the said account. This has placed the Airports Authority in a very precarious financial position.
“Mr. Rodney George, Chairman of the Grenada Airports Authority, has alerted us in the government about the situation facing our airport. I am doing all that I can from a civil aviation point of view. The Ministry of Finance is doing its part from the debt-financing angle and the Attorney General’s Chambers is working towards a legal solution”, said Minister of Tourism and Civil Aviation, Hon. Peter David, who is currently attending an OECS Civil Aviation and Tourism Ministers’ Meeting in St. Vincent.
The Ministry of Tourism and Civil Aviation will continue to work with other Government departments to ensure this matter is resolved quickly and does not severely disrupt airport operations, which would directly impact our economy at a time when we can least afford it.
(The above statement was issued by the Ministry of Tourism and Civil Aviation)
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