GOVERNMENT has slashed the subsidy to State carrier Caribbean Airlines in half—from $200 million in 2015 to $92.1 million in 2016.
This is according to the Draft Estimates and Details of Estimates of Recurrent Expenditure for the Financial Year 2016.
This document was tabled in the House of Representatives on Monday by the Finance Minister as part of the 2016 Budget documents.
As Government seeks to curtail expenditure in light of falling revenues, a number of reductions have been made in areas of expenditure as revealed in the document.
In delivering the budget presentation, Finance Minister Colm Imbert said on Monday: “Our economy is in an even more perilous state than we, the new administration, had first envisaged.”
CAL deficit
Caribbean Airlines has had a troubled history over the last five years.
Then opposition leader, now Prime Minister Dr Keith Rowley had stated repeatedly when the People’s National Movement (PNM)-
appointed board, chaired by businessman Arthur Lok Jack, handed over to the People’s Partnership-appointed board, the airline was in a sound cash position.
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