THE MINISTER of Public Enterprises Pravin Gordhan has welcomed government’s commitment to provide R10.5-billion to be used to finalise the Business Rescue Plan and restructuring of South African Airways (SAA).
This comes after Finance Minister Tito Mboweni announced that government will allocate R10.5 billion to the SAA to restructure the airline as part of the government’s efforts to help state-owned entities.
The money will be granted to the airline early in January 2021.
The national carrier, which is insolvent, needs R19.6-billion to implement its business rescue plan.
SAA was placed in business rescue in December 2019, this as it faced a liquidity crisis.
On Thursday, Gordhan slammed critics of the bailout, particularly the Democratic Alliance.
“The Minister is shocked and disappointed with the Democratic Alliance (DA), other parties and some analysts’ lack of insight, financial literacy and understanding of governance processes,” his department said in a statement.
“Worse, the
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