Government evaluates assets to sell to fund SAA bailout

Treasury had to step in to help the ailing national carrier repay the money it owed to Standard Chartered Bank earlier this month.

FILE: SAA’s R2.2 billion bailout could be funded by the sale of assets, according to the government. Picture: Facebook.com.

CAPE TOWN - Government is evaluating which assets to sell to offset the R2.2 billion bailout it’s given South African Airways (SAA).

This is to ensure the payment has no effect on this year’s budget.

Treasury had to step in to help the ailing national carrier repay the money it owed to Standard Chartered Bank earlier this month.

Democratic Alliance (DA) MP Alf Less says the cash injection must be budget neutral.

“The DA welcomes Finance Minister Malusi Gigaba’s report that the R2.2 billion SAA bailout will be funded by their sale of assets. We are, however, appalled that SAA has been allowed to accumulate losses that amount to R15.7 billion over the last five years.”

(Edited by Zamangwane Shange)