South African Airways debt hits $1bn, More Losses Predicted  

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South Africa’s national air carrier, African Airways (SAA) has a pending debt of $1.01 billion (13.8 billion rand) as of this month, the company has said.

Speaking to lawmakers on Wednesday, Chief Executive Officer of the state-run airline, Vuyani Jarana, said the company is struggling to defray maturing debts.

He explained to the Parliament that the national airline needed to pay back domestic lenders and U.S’s Citibank 4 billion rand by March next year.

Meanwhile, its Chief financial officer Phumeza Nhantsi said the airline losses for 2017/18 were forecast to increase to 4 billion rand from a previous estimate of 2.8 billion rand.

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