Sale of state assets to fund SAA bail-out
Finance Minister Malusi Gigaba discloses the initiative to identify disposable state-owned assets in a letter to Speaker of the National Assembly Baleka Mbete
The government is identifying state assets it can sell to offset its recent R2.2bn bail-out for South African Airways (SAA) and so ensure the cash injection has no effect on the 2017-18 budget. Finance Minister Malusi Gigaba disclosed the initiative to identify disposable state-owned assets in a letter to Speaker of the National Assembly Baleka Mbete, in which he explained the circumstances behind the Treasury having to repay the R2.2bn which SAA owed to Standard Chartered Bank after the bank refused to extend its short-term bridging facilities to the airline. SAA had no funds to repay the loan. If you are already a subscriber, please click on the following link below to go to the full article: Gigaba to sell off assets to fund SAA bail-out If you would like to subscribe to BusinessLIVE Premium to read the full story, please click here to subscribe * Premium content is not yet available on the app. Please use the desktop site to subscribe.