South African Airways will get the R10.5-billion it has requested from government to fund its business rescue process. The monies will be made available from reductions from national departments and their entities as well as reductions from local and provincial conditional grants, according to the medium-term budget policy statement which Finance Minister Tito Mboweni tabled in Parliament on Wednesday. The R10.5-billion is in addition to the R6.5-billion that SAA was allocated in the Budget 2020 for settling its guaranteed debt and interest. 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. Overall the global aviation industry has taken a beating due to the Covid-19 pandemic which led to travel restrictions.
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