Newscast - Africa

South Africa Commits To Source Funds For SAA Rescue


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The public enterprises and finance ministries in a letter to the airline’s administrators seen by Reuters said South Africa’s government has committed to secure funds for the overhaul of struggling state-owned South African Airways (SAA).
On Tuesday creditors approved the plan, which requires at least 10 billion rand ($600 million) of new funds, on the understanding the government would find the necessary cash.
In the letter, signed by Public Enterprises Minister Pravin Gordhan and Finance Minister Tito Mboweni, the ministers said they acknowledged the funding requirements set out in the restructuring plan and were committed to mobilising funds for a viable and sustainable national airline.
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Newscast - AfricaBy Africa Business Radio