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Treasury: ‘No Further Action’ To Bailout SAA

CAPE TOWN – National Treasury said on Friday there was “no further action” planned to bail out struggling South African Airways (SAA) except to settle the guaranteed debt as attempts to revive the airline hangs on a knife-edge.

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

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 were “insolvent” and turnaround plans had not been finalised yet.