HARARE – Zimbabwe owes South African Airways (SAA) and other international airlines $177.6 million in funds that could not be repatriated.Zimbabwe has been facing foreign currency shortages since 2016 resulting in institutions and individuals with foreign debt exposure failing to repatriate money out of the country.Firms wanting to pay dividends to foreign shareholders as well as those with international headquarters are also caught up in the predicament of failing to recoup their investments and earnings.The Zimbabwean government has since admitted this debt in budget planning documents, but is still to provide any detail on how it will expunge this debt although it has previously hinted at issuing a debt instrument to the affected companies including SAA and Airlink.According to Section 51, subsection 1 of Zimbabwe’s 2021 Finance Act any liability payable in foreign currency that was incurred by any of the persons specified in the Act before the February 22, 2019, and in respect of […]
ZIM OWES NEARLY $177M TO INTERNATIONAL AIRLINES INCLUDING SAA
