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2-Oct-2017 12:51 PM

South Africa's National Treasury transfers funds to South African Airways to repay Citibank

South Africa's National Treasury approved (29-Sep-2017) the transfer of funds from the National Revenue Fund to South African Airways (SAA) to help the carrier address its debt obligations to Citibank, thereby avoiding a default. Funds will also be used to assist SAA with its immediate working capital requirements. The government said a default on the carrier's ZAR3 billion (USD220 million) debt would have triggered a call on the guarantee exposure totalling ZAR16.4 billion (USD1.2 billion). [more - original PR]

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