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DA urges banks, creditors to reject SAA’s appeal for R5.3 billion loan

The official opposition has issued a statement on Thursday morning urging banks and creditors to reject an appeal for another R5.3 billion loan.

Picture: 123rf.com

JOHANNESBURG - South African Airways (SAA) will not get loans from the country's banks -at least not if the Democratic Alliance (DA) gets its wish.

The official opposition has issued a statement on Thursday morning urging banks and creditors to reject an appeal for another R5.3 billion loan.

Government, through National Treasury and the Public Enterprises Department, needs to come up with the money to help recapitalise the struggling airline.

The departments have been criticised for failing to give clarity around where the money; the estimated R10 billion that is needed to get the business rescue plan off the ground; will come from.

The DA said it’s ludicrous to be looking for more loans when previous debt has not been settled.

The organisation's Alf Lees said: “It’s unethical for the banks to lend to SAA when they would not lend to any other company which was not backed up by guarantees or government taxpayer’s guarantees in the private sector.”

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