‘Our updated figures more accurate than Eustace’s’

The international airport at Argyle should cost approximately $588.94 million. This latest estimate was given on Monday by Chief Engineer of the International Airport Development Company (IADC), Jeffery Cato.{{more}}

“I am confident that the $588.94 million is a more accurate figure today of the project that we are doing.”

Cato made the new figures available in response to figures put forward last week by Opposition Leader Arnhim Eustace.

According to Eustace’s estimates, which were provided by engineering firm Stewart Engineering, the cost of constructing the airport is in excess of $1 billion, and this, they say, may well rise given the rising cost of fuel and other commodities.

The amount stated by Stewart is approximately double the updated figure of EC $588.94 million presented by the IADC.

This new figure replaces the 2005 estimates of EC $480.2 million done by the firm of Marshall, Macklin and Monaghan.

In his address, Eustace accused Prime Minister Dr. Ralph Gonsalves of misleading the people of St. Vincent and the Grenadines by failing to present the true cost of the construction of the airport.

Cato, in his presentation at Monday’s press conference, in turn accused former parliamentarian Glenford Stewart of Stewart Engineering of ‘double counting’ in some areas of his estimates.

“I wish to say that when we did some checks on Stewart’s estimates, there were some additional errors.”

He pointed out that where figures had already been allocated in one section of the estimates, they were added again in other areas.

According to Cato, constant updating of the project, along with the figures from the just concluded Canouan Jet Port, would bring the latest figures closer to what the project will actually cost.

“Where we do not have details, we have developed briefs, and applied the industrial rates and updated it.

“We are living in a very changing world and we are hoping that we will work within this figure and we look forward to stabilizing oil prices, therefore reducing the inflation rate to allow us to maintain our cost within the contingency we are providing.”

Adding to the presentation, CEO of the IADC Dr. Rudy Matthias said that despite the 22.5 per cent increase in the estimates, he believes that the new figures are much closer to the truth than those of the opposition NDP.

“I am confident that our engineers have far better data and far better information about the project and are in a far better position to cost the project.

“Our $589 million is $490 million less than what Stewart estimates is the cost of the airport project.”(JJ)