South Africa
SAA to get R16bn bailout─── 18:00 Wed, 26 Feb 2020
Cash-strapped South African Airways will receive another bailout.
SAA will receive R16.4-billion.
Finance Minister Tito Mboweni announced during his budget speech on Wednesday.
“Over the medium term, government has allocated R16.4-billion to settle guaranteed debt and interest. The associated restructuring costs will be reprioritised within the budget,” said Mboweni.
The airline was placed under business rescue last year and unions have been fighting retrenchments at SAA.
Government has spent about R16.5-billion in bailouts to keep saving SAA in the air over the past decade.
