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South African Airways May Get Only 5% Of Its Money From Zim

South African Airways (SAA), may only be able to recoup 5% of the $60m (R874m) that it is owed by Zimbabwe in funds from ticket sales that Harare hasn’t been able to remit to the airline.

This follows remarks by the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee member Eddie Cross, who that it plans to “reject the majority of debts” owed to institutions. Said Cross:

We will ask that a haircut be taken by creditors.

Cross said legacy debt now stands at $2.6bn, more than double the central bank’s previously stated figure.

In July this year, officials from the International Air Transport Association (IATA) met President Emmerson Mnangagwa and Finance and Economic Development Minister Mthuli following various foreign airlines’ failure to repatriate to their countries over US$100 million paid by locals towards airfares.

More: News24

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