South African Government allocates USD640m for SAA business rescue plan

South Africa's Minister of Finance Tito Mboweni, in the 2020 Medium Term Budget Policy Statement, announced (28-Oct-2020) the allocation of ZAR10.5 billion (USD641.2 million) to South African Airways (SAA) to implement its business rescue plan. The allocation was funded through reductions to the baselines of national departments, public entities and conditional grants. The allocation is in addition to the ZAR16.4 billion (USD1 billion) allocated over the 2020 Medium Term Expenditure Framework in the Feb-2020 budget for settling the airline's guaranteed debt and interest. [more - original PR]