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The government announced that public funds would be used to inject the money to start a new national airline.
South African Airways planes. Image: Facebook.com
JOHANNESBURG – The Department of Public Enterprises (DPE) said on Monday that it could not give a final date on when the R10.5 billion needed to restructure South African Airways (SAA) will be available.
The government announced that public funds would be used to inject the money to start a new national airline.
Finance Minister Tito Mboweni is expected to present his tight budget for fiscal 2020 in October, when he is expected to announce how the funds will move.
SAA, which was paralyzed due to poor financial management, has been under a business rescue process since December 2019.
DPE spokesman Sam Mkokeli said there was a lot to consider.
“It is a process that will be managed by the National Treasury [and] The Minister of Finance will make an announcement. We are in the process of leveraging bridge funding to move the process forward, ”said Mkokeli.
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