South Africa: Govt Approves Transfer of Funds to Assist National Carrier

South Africa: Govt Approves Transfer of Funds to Assist National Carrier

[Govt of SA] Government has approved the transfer of funds from the National Revenue Fund to SAA to allow the airline to address the debt obligations to Citibank, thereby avoiding a default. Funds will also be used to assist SAA with its immediate working capital requirements. This payment was done in terms of section 16 of the Public Finance Management Act. This section of legislation states that the Minister can authorise the use of funds to defray expenditure of an exceptional nature which is currently not provided …read more

Source:: South Africa: Govt Approves Transfer of Funds to Assist National Carrier

      

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