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South Africa’s National Treasury says “no further action” to bailout SAA airline

South Sudan NEWS PORTAL (JUBA CITY)

FILE PHOTO: A passenger is seen at the South African Airways customer desk after SAA announced an immediate suspension of all intercontinental flights in response to a travel ban aimed at curbing the coronavirus outbreak, at O.R. Tambo International Airport in Johannesburg, South Africa, March 20, 2020. REUTERS/Siphiwe Sibeko/File Photo

South Africa’s National Treasury said on Friday there was “no further action” planned to bailout struggling national airline SAA except to settle guaranteed debt as attempts to revive the airline hang on a knife edge.

The South African government wants creditors to back a restructuring plan for South African Airways (SAA) but did not allocate new bailouts for the loss-making state airline in an emergency budget last week.

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In its strongest statement yet that it doesn’t plan on giving SAA more bailouts, the National Treasury told lawmakers they would not provide any new money to the airline as they are “insolvent” and turnaround plans have not been finalised yet.

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