Zimbabwe invites bids for struggling national airline
Air Zimbabwe, which was placed in administration in October, owes creditors more than $300m
HARARE — Zimbabwe has invited bids for the state-owned airline as President Emmerson Mnangagwa’s government pushes ahead with a drive to privatise and end state funding to loss-making companies, Air Zimbabwe’s administrator said on Monday.
Air Zimbabwe, which owes foreign and domestic creditors more than $300m, was in October placed in administration to try to revive its fortunes.
The troubled airline is among dozens of state-owned firms that are set to be partially or fully privatised in the next nine months as the government seeks to cut its fiscal deficit, which is expected to reach 11% of GDP in 2018 .
Air Zimbabwe administrator Reggie Saruchera said in a notice published in newspapers on Monday that potential investors should make their bids before November 23 after paying a nonrefundable deposit of $20,000.
Saruchera did not indicate whether investors will be allowed to tender for partial or total shareholding in Air Zimbabwe. He was not immediately reachable for comment.
Only three of Air Zimbabwe’s planes are operational, with another three grounded, which has forced it to abandon international routes. — Reuters