Breaking News

Air Zimbabwe debt balloons to US$188 million

by Staff Reporter
11 February 2013 | 3693 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

Does Prophet Magaya's anointing oil work?

Yes
17.42%
No
71.21%
Spiritual matters
11.36%
396

Comments

News Updates

Email:

Latest News

Maleme Issue: Open letter to Hon. VP Phelekezela Mphoko - Honourable V...

by Khumbulani Maphosa | 27 February 2015 | 562 Views

Fistfights at MDC-T Bulawayo meeting - Police were called in when fist...

by Bhebhe Mandla | 27 February 2015 | 929 Views

Watch Mugabe's Bob@91 birthday gala - live - The Zimbabwe Broadcastin...

by Staff reporter | 27 February 2015 | 1326 Views

Kiya kiya Chinamasa to reschedule government debt repayments but for h...

by Wilbert Mukori | 27 February 2015 | 1002 Views

An open letter to hon VP Mphoko - Matebeleland People in Diaspora woul...

by Matebeleland People in Diaspora | 27 February 2015 | 1265 Views

Morgan Tsvangirai under fire - The Head of Zimbabwe's parliamentary de...

by Staff reporter | 27 February 2015 | 1631 Views

Victoria Falls explodes as Mugabe arrives - President Robert Mugabe h...

by Staff reporter | 27 February 2015 | 1350 Views

Zanu-PF, CIO desperate to infiltrate the MDC-T - It is beyond debate t...

by Obert Gutu | 27 February 2015 | 1988 Views

1 471 defaulters apply for Zimra tax amnesty - 1 471 defaulters have s...

by Funny Hudzerema | 27 February 2015 | 873 Views

Jane Mutasa bid to stop Telecel EGM fails - Key shareholder Dr Jane M...

by Tawanda Musarurwa | 27 February 2015 | 710 Views

Dr James Makamba opens up on Telecel debacle - The current problems ho...

by Staff reporter | 27 February 2015 | 1409 Views

Mujuru allies stop Grace Mugabe

by Itai Mushekwe | 27 February 2015 | 5850 Views

MDC-United doomed to fail, says MDC-T - Morgan Tsvangirai's MDC has sl...

by Staff reporter | 27 February 2015 | 1521 Views

Zanu-PF splits as Mutasa digs in - Two Zanu-PF formations are now effe...

by Staff reporter | 27 February 2015 | 3181 Views

Mnangagwa contradicts Mugabe - Suddenly newly-appointed Vice President...

by Staff reporter | 27 February 2015 | 2556 Views

Caps United plot Bosso upset - Caps United head coach, Mark Harrison h...

by Staff reporter | 27 February 2015 | 1244 Views

Keep your Europe and we keep our Mugabe - The European Union (EU) has ...

by Tafara Shumba | 27 February 2015 | 2066 Views

Didymus Mutasa a Political Bastard

by Suitable Kajau | 27 February 2015 | 2211 Views

Watch LIVE streaming of Mugabe's 91st birthday party - The Zimbabwe Br...

by Staff reporter | 27 February 2015 | 2854 Views

Grace Mugabe deserves ministerial post - EDITOR,It is worrisome that s...

by Chido Chikuni, | 27 February 2015 | 2628 Views

Chanakira mourns AfrAsia collapse - KINGDOM Bank founder Nigel Chanaki...

by Charity Ruzvidzo | 27 February 2015 | 2766 Views

Thousands attend Prophet Magaya's one day healing service - Thousands ...

by Staff reporter | 27 February 2015 | 2531 Views

Bosso miss opportunity to cash in on Prophet Magaya crusade - HIGHLAND...

by Pamela Shumba and Bongani Ndlovu | 27 February 2015 | 2612 Views

Mugabe's big 91 birthday bash - Zimbabwe's Robert Mugabe, the oldest l...

by Columbus Mavhunga, Monika Guarino (AP/AFP/dpa) | 27 February 2015 | 1502 Views

Mutasa, Mliswa to be recalled from parliament - ZANU-PF administration...

by Staff Reporter | 27 February 2015 | 2002 Views

Mugabe's problem with Mujuru doctorate - PRESIDENT Robert Mugabe has c...

by Staff Reporter | 27 February 2015 | 3944 Views

Zimbabwe: Africa's best-kept secret? - I don't know what I was expect...

by Anna Rosenberg | 27 February 2015 | 2375 Views

Delma Lupepe's fall from glory continues

by Staff reporter | 27 February 2015 | 5515 Views

Entertainment

Popular Zim dancehall chanter arrested for fraud

by Liberty Dube | 27 February 2015 | 1841 Views

Group pens song for Mugabe - A 7-member group from Acturus has release...

by Staff reporter | 21 February 2015 | 1599 Views

Mathias Mhere saga takes new twist - Gift Mahlupeka, who allegedly che...

by Staff reporter | 20 February 2015 | 9559 Views

Mlambos Express Band flies Matabeleland Flag - Mlambos Express Band po...

by Entertainment Reporter | 20 February 2015 | 3039 Views

Will Smith's marriage is pretty much dead - For the past 18 years, Wil...

by BlackAmericaWeb | 19 February 2015 | 6525 Views

Bulawayo musician urges artists to work together

by Staff Reporter | 19 February 2015 | 2378 Views
iBlog

The Nsa Gets An Ok For Telephony Metadata Collection Yet Again

As much as we’d like to forget about the national security agency (nsa) and its mass surveillance program, it seems that there is no distracting ourselves from this unnerving reality.missing from the news for quite some time now, the issue has resu... Read More
SecNews 09 July 2014 ago

The Zero-day Vulnerability Cve-2014-4114 Impacting All Versions Of Microsoft Windows

new microsoft windows zero-day vulnerability - cve-2014-4114on tuesday, october 14, 2014, isight partners - in close collaboration with microsoft - announced the discovery of a zero-day vulnerability impacting all supported versions of microsoft win... Read More
SecNews 16 October 2014 ago