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*South African Airways' US$50 Million Stuck In Zimbabwe*

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South African Airways (SAA) reported that it is still facing challenges in repatriating over US$50 million from Zimbabwe. This amount is approximately R1 billion.

As reported by Eyewitness News, during a session with Parliament’s Standing Committee on Public Accounts (SCOPA), it was revealed that the ongoing struggle to retrieve these funds, primarily from ticket sales, continues.

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SCOPA chairperson Songezo Zibi raised concerns about whether it might be time to seize assets in South Africa to recover the stranded money.

Zimbabwe has been experiencing a foreign exchange crisis since 2016, affecting several airlines in a similar situation.

SAA Chief Financial Officer Lindsay Olitzski said that an agreement had been reached for US$9 million to remain in Zimbabwe for SAA’s local use. Said Olitzski:

> The remaining $50 million is to be paid in installments of $1 million per quarter. This is a very long payment plan, and to date, we have not yet received any funds.

Transport Minister Barbara Creecy said she would consider addressing the issue diplomatically once she received a full report from the airline.

More: Pindula News

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