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Mboweni grants SAA R10.5 billion to execute business rescue plan

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Mboweni grants SAA R10.5 billion to execute business rescue plan

This was announced by Finance Minister Tito Mboweni presenting his medium-term Budget Policy Statement to Parliament.

Mboweni grants SAA R10.5 billion to execute business rescue plan

South African Airways (SAA) has received the necessary funds to restructure the airline which is among the government’s efforts to help state entities.

This was announced by Finance Minister Tito Mboweni presenting his Medium-Term Budget Policy Statement to Parliament.

R10.5 billion is allocated to SAA to implement its business rescue plan. This allocation is funded through reductions to the baselines of national departments, public entities and conditional grants.”

Corporate rescue professionals need funds to pay off cost reduction packages and start a new airline.

The minister said that despite the spending, the budget deficit has been stabilised.

The minister said the government borrowed money but at low interest rates.

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