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Finance Minister Audley Shaw told Parliament on Tuesday that the national airline, Air Jamaica, suffered an US$84.5 million loss between January and May this year.
Air Jamaica recorded a $29 million loss during the October to December quarter and $55 million over the following five months.
Responding to questions tabled by Opposition Spokesman on Finance Dr. Omar Davies, Mr. Shaw admitted that $9.6 million of the total losses was incurred from the lease of two A340 aircraft.
Mr. Shaw says the first quarter losses were covered by proceeds from a Bear Stearns bond and US$20 million from PetroCaribe.
Some of the money from the bond as well as tax credits from suppliers were used to cover Air Jamaica's losses between January and May.
Air Jamaica recorded a $29 million loss during the October to December quarter and $55 million over the following five months.
Responding to questions tabled by Opposition Spokesman on Finance Dr. Omar Davies, Mr. Shaw admitted that $9.6 million of the total losses was incurred from the lease of two A340 aircraft.
Mr. Shaw says the first quarter losses were covered by proceeds from a Bear Stearns bond and US$20 million from PetroCaribe.
Some of the money from the bond as well as tax credits from suppliers were used to cover Air Jamaica's losses between January and May.
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