South Africa’s government bails out state airliner SAA to avoid default

This week the Treasury said that around 9 billion rands of debt were maturing at month-end, with around 6 or 7 lenders involved

By: Reuters | Johanesburg | Published: July 1, 2017 9:50 pm
South Africa, South Africa Airlines, SAA, South Africa Government, World News, Latest World News, Indian Express, Indian Express News In Picture, South African Airways’s flight (Source: Wikimedia Commons)

South Africa’s government on Saturday said it had transferred an undisclosed amount to South African Airways for the state carrier to pay back loans of about 2.3 billion rands ($176 million) to lender Standard Chartered. This week the Treasury said that around 9 billion rands of debt were maturing at month-end, with around 6 or 7 lenders involved.

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