Africa Outlook

South African Airways says it Needs Capital Injection Now


South African Airways (SAA) needs a new capital injection now to stay afloat and is in discussion­s with banks and the National Treasury for “an open credit line”, its Chief Executive said.

State-owned SAA, which has not generated a profit since 2011, is regularly cited by ratings agencies as a drain on the government purse and has already received state guarantees totalling nearly R20 billion.

“We do need access to capital to sustain the operations and we are having discussion­s with Treasury, as well as the banks around how we have an open credit line,” Chief Executive, Vuyani Jarana told parliament.

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