St. Maarten Airport’s cash shortfall is US $1.2M per month

PHILIPSBURG - Princess Juliana International Airport’s (PJIA’s) financial crisis is deepening and the airport has no funds to pay its February salaries next week.
 
Recently appointed Chief Executive Officer (CEO) Brian Mingo told Members of Parliament (MPs) during the continuation of a public plenary session of parliament on airport financing on Friday that PJIA has a cash shortfall of US $1.2 million per month.
 
He said PJIA continues to be in default and is currently operating with a negative cash flow. He said there were no funds to pay salaries at the end of this month and the company is “still scrambling for funds to meet February salaries for next week.” He projected that the negative cash flow will take 24 months to restore.  
 
Friday’s session was the continuation of a meeting about the much-talked-about decision the Council of Ministers took to opt for a combination of a grant of $50 million via the Dutch government-financed World Bank-administered Trust Fund and a loan of the same amount from the European Investment Bank (EIB) to finance the reconstruction of PJIA.
 
The Daily Herald

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