The Cabinet invited three officials from the Antigua Port Authority and the Ministry of Finance to report on the Port’s profitability, and any barriers to making the Port more efficient. The Port now has a USD$97 million dollar mortgage to repay, following its recent expansion and upgrade using borrowed money from the ExIm Bank of China. The Port must generate sufficient revenue to meet its monthly mortgage and other expenses.
The Port now spends 70% of its revenue on making staff payments to include salaries, wages and overtime. It operates at a deficit which cannot be continuously sustained. The Managers are also faced with demand for increased wages which would completely make profitability unattainable and make the Port incapable of meeting its legal obligations to its creditors. The Port Manager reported that a formal report on reform is being submitted by a consultant, following which there will be a decision to undertake Port Reform.