Cabinet agrees to maintain WASCO as a 100% state-owned entity

Friday, November 6, 2009 – During discussions yesterday with the staff of the Water and Sewerage Company (WASCO), and their trade union representatives, the report of the Review Committee established to advise the Government of Saint Lucia on the best approach to the management and operations of Saint Lucia’s Water and Sewerage Sector, was received.

The Cabinet of Ministers, met this morning to deliberate on the findings of the Committee. After careful consideration, Cabinet agreed to maintain WASCO as a 100% state-owned entity for the foreseeable future and pursue recapitalization and reorganization of the company.

The Government accepted the recommendation of the Committee that calls for immediate implementation of a revitalization plan. Some of the key components of the plan include:

improving governance and management
replacing the poor billing system
reducing accounts receivables
improving the finances of the company with a view to strengthening the balance sheet
fixing leaks with a view to enhancing/improving the revenue of the company

The Government of Saint Lucia is committed to settling the obligation which arose out of the cessation of operations by the Water and Sewerage Authority (WASA) as of October 31, 1999. These commitments will be paid with interest at a rate to be agreed with representatives of the workers.

It is the government’s desire to have the payment effected by December 11, 2009.

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