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Government has a lot to consider on funding needed to rescue SAA – DPE

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Government has a lot to consider on funding needed to rescue SAA – DPE

Government made an announcement that for them to begin a new national carrier, public funds is what would be used to inject the money

Government has a lot to consider on funding needed to rescue SAA – DPE

The Department of Public Enterprises (DPE) said on Monday that it is not certain with the date on when the R10.5 billion needed to restructure South African Airways (SAA) would be made accessible.

Government made an announcement that for them to begin a new national carrier, public funds is what would be used to inject the money.

Tito Mboweni, Finance Minister is expected to show forth his adjusted budget for the 2020 financial year in October when he is expected to make an announcement on how the funds would take a turn around.

SAA, which suffered financial mismanagement, has been operating under a business rescue process since December 2019.

DPE spokesperson Sam Mkokeli said a lot is expected to be considered.

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.

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