Cuts set to fund SAA bailout


Government departments will have to find yet more cuts to help fund the R10.4bn that finance minister Tito Mboweni has now reluctantly agreed to provide to failed SAA – with SA’s big banks likely to provide short-term bridging finance to give the National Treasury time to raise the cash.

But the banks, which are understood to be in talks with the government over the guarantees they will require, are unwilling to provide any further support, and the government will need to clinch a deal with an equity partner to get the airline aloft again.


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