Post by cjm on Jul 13, 2019 7:32:31 GMT
Finance Minister Tito Mboweni included the country’s flagship airline on a list of companies that will get support from the country’s contingency reserve account. Power utility Eskom Holdings SOC Ltd., South African Broadcasting Corp. and weapons maker Denel SOC Ltd. were also identified as in need of aid.
Hiding it under the blanket
The airline went unmentioned in both President Cyril Ramaphosa’s state-of-the-nation address last month and Finance Minister Tito Mboweni’s budget in February, raising concerns about how it will handle 9.2 billion rand of debt set to mature later this year. A 3.5 billion-rand bridge facility was expected to run out at the end of June.