Breaking News

Air Zimbabwe debt balloons to US$188 million

by Staff Reporter
11 February 2013 | 3394 Views
Air Zimbabwe's debt has ballooned to US$188 million, further dampening hopes of securing a strategic partner to help the airline resume full operations.

The national airline's debt has accumulated to US$188 million from US$140 million despite the resumption of local and regional flights that had been suspended.

The airline is relying on a Boeing 767, a Boeing 737 and MA60 airplanes to service its regional and domestic routes while 5 other airplanes need servicing before hitting the skies.

Presenting oral evidence before the Parliamentary Portfolio Committee on Transport, Communication and Infrastructure, interim Air Zimbabwe Board Chairman, Mr Munesu Munodawafa, who is also the Permanent Secretary in the Ministry of Transport, Communication and Infrastructural Development, said government has been working closely with management to try and improve the airline's domestic and regional connectivity but the biggest challenge is the huge debt overhang.

The national flag carrier managed to retire part of its debt mostly to South African creditors after a US$8,5 million cash injection from government last year.

However, as things stand right now, at least US$158 million is required for Air Zimbabwe to pay international creditors and resume international flights.




Other problems bedevilling the national flag carrier include mismatch between the small fleet and its bloated staff and the old age of the planes.

Meanwhile, a new board of directors for the airline is set to be announced on the 22nd of February after the parastatal went for more than a year without a substantive board.

debt balloons

Source: zbc

Is Tsvangirai's BIG TENT leaking?

Yes
23.76%
No
31.68%
Not bothered
44.55%
101

Comments

News Updates

Email:

Latest News

'Tendai Biti misfires on Kariba'

by Freeman Razemba | 22 September 2014 | 617 Views

Ray Ndhlukula a despot of the ZANU PF institute of corruption and greedy

by Themba Mthethwa | 21 September 2014 | 791 Views

I Am Coming to South Africa - T.B. Joshua - Embattled Nigerian 'Prophe...

by Ihechukwu Njoku – freelance Nigerian journalist | 21 September 2014 | 1125 Views

Lets rename our provinces - WhatsApp update - 13:40, 21 Sep - ‪+26...

by Mlilo Joyinani | 21 September 2014 | 2900 Views

Woman demands sex from father-in-law - A 44-YEAR-OLD woman from Insiza...

by Staff reporter | 21 September 2014 | 5471 Views

Mtukudzi should come clean on HIV status - When Sam Mtukudzi died in t...

by Garikai Mazara | 21 September 2014 | 6316 Views

Why are Mat'land varsities 'National' or 'State' while Mashonaland one...

by Ndzimu-unami Emmanuel Moyo | 21 September 2014 | 2509 Views

Eric Bloch dies - One of Zimbabwe's well known economists, Eric Bloch ...

by Staff reporter | 21 September 2014 | 5874 Views

Zimbabwe poll secrets to be exposed - Repeated controversies that have...

by Mail & Guardian | 21 September 2014 | 3155 Views

Chombo praises Joice Mujuru's 'military prowess' - Ignatius Chombo, th...

by Staff reporter | 21 September 2014 | 1858 Views

Chiyangwa buys $400 000 Mercedes Benz

by Staff reporter | 21 September 2014 | 3990 Views

Grace Mugabe PhD saga deepens - First Lady Grace Mugabe's PhD thesis i...

by Staff reporter | 21 September 2014 | 3411 Views

Mugabes off to New York, US - President Robert Mugabe yesterday flew t...

by Staff reporter | 21 September 2014 | 1703 Views

Grace Mugabe may be Zimbabwe's President - It might actually come to p...

by Zanda Shumba | 21 September 2014 | 2092 Views

Debt stands in the way of Zimbabwe - China courtship - In my last week...

by Nesbert Ruwo | 21 September 2014 | 695 Views

Teachers demand incentives - TEACHERS unions are demanding that the Mi...

by Lungile Tshuma and Tinomuda Chakanyuka | 21 September 2014 | 1063 Views

Dulini Ncube laid to rest - FORMER Lobengula-Magwegwe Member of Parlia...

by Tinomuda Chakanyuka | 21 September 2014 | 1108 Views

Figtree farmer David Connolly vows to defy Mugabe's aide - Figtree far...

by Staff reporter | 21 September 2014 | 1384 Views

When men are dogs and women bitches! - TODAY I was very fatigued as I ...

by Rev Paul Bayethe Damasane | 21 September 2014 | 1723 Views

'Porous Zimbabwe border posts will deal Chinamasa huge blow' - INDUSTR...

by Staff reporter | 21 September 2014 | 1127 Views

Prominent city lawyer in bitter custody wrangle - PROMINENT city lawye...

by Peter Matika | 21 September 2014 | 1452 Views

Do ministers ever read Bulawayo24 WhatsApp updates?

by Concerned Citizen | 21 September 2014 | 634 Views

Moyo officially dumps Tsvangirai - Makokoba legislator, Gorden Moyo wh...

by Staff reporter | 21 September 2014 | 1111 Views

'Roy Bennett, Mutumwa Mawere have not joined Renewal' - MDC Renewal sp...

by Staff reporter | 21 September 2014 | 1280 Views

Cellphones replace NRZ signals - The National Railway of Zimbabwe (NRZ...

by Staff reporter | 21 September 2014 | 1067 Views

Methembe Ndlovu's Bantu Rovers sink deeper - Chicken Inn  2 - 1 B...

by Mehluli Sibanda | 21 September 2014 | 855 Views

Tsvangirai to lead street protests against Mugabe - MDC-T leader Morga...

by Staff reporter | 21 September 2014 | 1443 Views

Bosso drops 3 crucial points - Harare City 1 - 0 HighlandersAn incoher...

by Staff reporter | 21 September 2014 | 1521 Views

Grace Mugabe's PhD: UZ remains mum

by Staff reporter | 21 September 2014 | 1116 Views

Tsvangirai's MDC-T power grab foiled

by Staff reporter | 21 September 2014 | 816 Views

Entertainment

Ubuntu Bako Bulawayo's Launch Event Party in Manchester - The 4th Octo...

by Staff Reporter | 21 September 2014 | 487 Views

Intwasa set to liven Bulawayo night life - BULAWAYO will this Tuesday...

by Pabalelo Tlou | 21 September 2014 | 701 Views

Abafana bako Godlwayo - UThabani Dibi Sibanda odume ngokuba yiNyosi eh...

by Staff Reporter | 20 September 2014 | 1599 Views

Game over as Generations Soapie goes off air - The South African Broad...

by Staff reporter | 20 September 2014 | 3743 Views

Derick stepping out of Majaivana's shadow - Derick Majaivana, aims to...

by Bruce Ndlovu | 20 September 2014 | 938 Views

Zuma daughter's new soapie to replace Generations - JOHANNESBURG - Sow...

by Staff reporter | 17 September 2014 | 4813 Views

Afrika Revenge reunites - Award winning duo of Willis "Afrika" Kachamb...

by Sophia Chese | 16 September 2014 | 2246 Views

Usandikanganwe - Lady Bee ft Manhanga

by Staff Reporter | 15 September 2014 | 3200 Views
iBlog

Protect Your Greatest Small Business Asset: Time

if your work week is way more than 40 hours, your smartphone is glued to your hand, and your to-do list is multiple pages of overdue tasks—you know how valuable every minute of your time is.your smartphone and tablet make doing business from anyw... Read More
Sergey 05 September 2014 ago

Those Behind Tb Joshua Watch Photo Proof!

when this couple (dave and angie) were indicted of being the masterminds behind tb joshua watch, the blog admins refuted it and denied any sort of connections with the couple, but that’s not what the facts portray as precisely every single one ... Read More
pointblank 13 July 2014 ago