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SAA bailout: Mboweni cuts municipal budgets, shifts money from govt departments

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South Africa’s finance minister Tito Mboweni says the IMF loan will limit the country’s economic vulnerabilities which have been exacerbated by Covid-19. (Gallo Images/Brenton Geach)
South Africa’s finance minister Tito Mboweni says the IMF loan will limit the country’s economic vulnerabilities which have been exacerbated by Covid-19. (Gallo Images/Brenton Geach)

Grants for municipal programmes have been cut by more than R200 million to bankroll a rescue plan for the beleaguered South African Airways (SAA).

SAA will get the R10.5 billion it needs to fund its business rescue plan.

The money for the troubled state airline has been made available through reductions from national departments and entities, conditional grants for provinces and local government. 

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