The State will finance the retrenchment of 25 per cent of staff at Caribbean Airlines at an estimated cost of $110 million.
This was revealed by Finance Minister Colm Imbert in the Senate yesterday.
On Monday, the airline announced it had suffered over $172 million in losses for the first quarter of 2021 and, in an effort to ensure a sustainable business model going forward, it would be retrenching up to 450 employees and cutting its fleet and routes.
Minister of Finance Colm Imbert said the retrenchment would cost the country more than 100 million dollars.
The Leader of the Opposition in the Senate Wade Mark questioned him.
Minister Imbert expressed regret over the impending cut in staff.