Government announced that public funds would be used to inject the money to start a new national carrier.
South African Airways planes. Picture: Facebook.com
JOHANNESBURG – The Department of Public Enterprises (DPE) on Monday said it could not give a definite date on when the R10.5 billion needed to restructure South African Airways (SAA) would be made available.
Government announced that public funds would be used to inject the money to start a new national carrier.
Finance Minister Tito Mboweni is expected to table his adjusted budget for the 2020 financial year in October when he is expected to announce how the funds would be moved around.
SAA, which was crippled due to financial mismanagement, has been under a business rescue process since December 2019.
DPE spokesperson Sam Mkokeli said there was a lot to consider.
“It’s a process that will be handled by the National Treasury [and] an announcement will be made by the Minister of Finance. We are in the process of availing bridging finance so that the process moves ahead,” Mkokeli said.
