SABC News - SAA gets R3 billion to pay Citibank debt:Friday 29 September 2017

SAA gets R3 billion to pay Citibank debt

Friday 29 September 2017 14:44

REUTERS

SAA has received more than R5 billion from government in the last two months.

SAA has received more than R5 billion from government in the last two months.(SABC)

South African Airways (SAA) has been provided with emergency state funds to help it repay loans of R3 billion to Citibank, the Treasury said on Friday.

"Government has approved the transfer of funds from the National Revenue Fund (NRF) to SAA to allow the airline to address the debt obligations to Citibank, thereby avoiding a default," it said in a statement.

The bailout from government's contingency fund brings transfers to the ailing airliner to more than R5 billion in the last two months.

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