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Treasury still in talks with banks over SAA cash problems

The Finance Ministry says SAA still has R2 billion of its R14 billion loan guarantee that it can use.

FILE: Last week, it emerged that CitiBank had cancelled a loan facility, which led to claims the airline would run out of operating cash this month. Picture: AFP.

JOHANNESBURG - National Treasury says it's talking to the banks that provide lending facilities to South African Airways (SAA) to make sure it doesn't run out of cash to operate.

Last week, it emerged that CitiBank had cancelled a loan facility, which led to claims the airline would run out of operating cash this month.

The Finance Ministry also says SAA still has R2 billion of its R14 billion loan guarantee that it can use to fund itself.

Treasury's Phumza Macanda says they've met with SAA's bankers.

"There is no indication that the banks are intending to withdraw their facilities at this time. These engagements that we've been having with these financial institutions will continue until such time that the SAA is stabilised."

Treasury says none of the banks that provide SAA with bridging finance appear to be planning to stop lending money to the airline.

Macanda says there is no danger the airline could run out of money.

"SAA is open for business and will remain so. National treasury, Air Forces and SAA are aimed at ensuring that in the long-term, SAA can get back on a sustainable financial situation."

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