Departments raided to help bail out SAA and other ailing SOEs

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Departments raided to help bail out SAA and other ailing SOEs 🔒

The budgets of all 41 departments have been raided to save SAA with higher education and the police losing more than R1bn each, spending reallocations in the medium-term budget policy statement show.

SAA, which has not made a profit since 2011 and has sucked up billions in tax rands, needs an additional R10.5bn to fund its business rescue plan. This is on top of the R16.4bn allocated by the Treasury in February over the next three years to repay historic debt, of which R10.3bn has already flowed to the state-owned airline.

 

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