Jana Marais Deputy editor: Business Day

SAA, which has secured the R3.5bn it required from banks to continue financing working-capital requirements until June, has urged the government to make a speedy decision on future financial support. The cash-strapped airline requested R21.7bn from the government in 2018 to recapitalise its balance sheet and provide working capital. This forms part of its three-year turnaround plan, which it said would see it break even by the 2020/2021 financial year. It suffered a R5.7bn loss in 2017/2018 and expects to lose another R5.2bn in the current financial year. While the government has approved the turnaround plan, only R5bn was provided for in the medium-term budget policy statement in October 2018. This was used to pay bridge-financing facilities. The carrier’s plea comes ahead of finance minister Tito Mboweni’s budget speech on Wednesday, when he is also expected to unveil a package for Eskom, whose financial crisis is seen as the biggest threat to the country’s economy. In comments th...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now