S.Africa FinMin considering 13BN rand bailout for SAA

PUBLISHED: Fri, 04 Aug 2017 10:56:44 GMT
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South Africa’s Treasury is considering a 13 billion rand ($972 million) bailout state airline SAA to keep the company going as it battles a mounting cash crunch, Finance Minister Malusi Gigaba said on Friday.

“We are in discussions about that and at the medium term budget statement in October I will make the necessary announcement,” Gigaba told Johannesburg’s Talk Radio 702.

The Treasury said on Thursday it had appointed Vodacom Group executive Vuyani Jarana as SAA chief executive. Jarana becomes the first permanent chief executive in over two years.

($1 = 13.3687 rand)

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