Finance

South Africa’s SAA gets 3 bln rand to pay Citibank debt

By Staff Writer 2 Oct 2017 1 Min Read Save

Last updated: 20 Dec 2017, 03:22

Passengers board a South African Airways Boeing 737 aircraft at the Kamuzu International Airport in Lilongwe, file. REUTERS/Siphiwe Sibeko

JOHANNESBURG – South African Airways (SAA) has been provided with emergency state funds to help it repay loans of 3 billion rand to Citibank, the Treasury said on Friday.

“Government has approved the transfer of funds from the National Revenue Fund (NRF) to SAA to allow the airline to address the debt obligations to Citibank, thereby avoiding a default,” it said in a statement.

The bailout from government’s contingency fund brings transfers to the ailing airliner to more than 5 billion rand in the last two months.

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