Breaking News

Air Zimbabwe debt balloons to US$188 million

by Staff Reporter
11 February 2013 | 3482 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

Could there be war if Grace Mugabe becomes President?

Yes
71.94%
No
10.79%
Who cares?
17.27%
139

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

Zimbabwe, Zambia to launch pilot uni-visa - The government will launch...

by Staff reporter | 20 October 2014 | 2115 Views

MDC-T youths bay for suspended Hlalo's blood - Members of the MDC-T Bu...

by Makhosi Sibanda | 20 October 2014 | 1825 Views

Another NRZ train derails - A Victoria Falls-bound National Railways o...

by Lesley Moyo | 20 October 2014 | 1917 Views

Grade 7 boy hangs himself on burglar bar - A Grade 7 boy at Senzangakh...

by Staff Reporter | 20 October 2014 | 2889 Views

Ambassador Nyamupinga dies at 65 - A career diplomat who served in Aus...

by Staff Reporter | 20 October 2014 | 2877 Views

Econet buys Telecel - Econet Wireless Global (EWG) has acquired the a...

by Staff reporter | 20 October 2014 | 4420 Views

Man jailed for battering his 'loose' sisters

by Court reporter | 20 October 2014 | 2447 Views

'Hungry' man in trouble for robbing Good Samaritan - A CHITUNGWIZA m...

by Staff Reporter | 20 October 2014 | 2042 Views

South Africa extends ZSP appointment dates deadline! - The new deadli...

by ZIM-ID (SA) | 20 October 2014 | 4611 Views

Mother of six 'shocked' to death after getting BCC bill

by Staff Reporter | 20 October 2014 | 5302 Views

7 years behind bars for reckless kombi driver

by Staff Reporter | 20 October 2014 | 2787 Views

5 highway patrol cops in soup - Five National Highway Patrol cops have...

by Staff reporter | 20 October 2014 | 4214 Views

Man in trouble for selling crocodile eggs

by Staff reporter | 20 October 2014 | 3039 Views

Grace Mugabe lashes at Ray Kaukonde - Video - Robert Mugabe's wife Gra...

by Staff reporter | 20 October 2014 | 3746 Views

How many insults are the people of Matabeleland going to stomach? - IT...

by Nomazulu Thata | 20 October 2014 | 3084 Views

'Help me find my father' - WhatsApp update

by Concerned Citizen | 20 October 2014 | 2432 Views

Crisis of expectation in the MDC formations - The current goings on in...

by Stewart Murewa | 20 October 2014 | 1854 Views

Death threats against Grace Mugabe mount - Report

by Itai Mushekwe/ Mary-Kate Kahari | 20 October 2014 | 10624 Views

Politburo gags Gumbo - As faction fighting intensifies, the Zanu-PF se...

by Staff reporter | 20 October 2014 | 4361 Views

Welcome to abject poverty dumped minister Dzikamai Mavhaire! - The fa...

by Wilbert Mukori | 20 October 2014 | 5357 Views

Grace Mugabe to deputise hubby before taking over next year - Grace Mu...

by Staff reporter | 20 October 2014 | 5597 Views

Kingdom bank crisis continues as people spend nights for $50

by Business reporter | 20 October 2014 | 1708 Views

Pastor ordered to pay $80 maintenance

by Staff Reporter | 20 October 2014 | 2368 Views

Zanu-PF MP accused of grabbing conservancy - Zanu-PF Kariba MP Isaac M...

by Staff reporter | 20 October 2014 | 1100 Views

Mugabe backs Grace over Mujuru attacks

by Staff reporter | 20 October 2014 | 8478 Views

City man offers $10 for upkeep of 4 children

by Court reporter | 20 October 2014 | 1317 Views

Ezra 'Tshisa' Sibanda eyeing Bosso post?

by Staff reporter | 20 October 2014 | 4104 Views

Jostling for posts at Bosso begins - JOSTLING for positions at Bulaway...

by Sikhumbuzo Moyo | 20 October 2014 | 1806 Views

Entertainment

Zim representative in the Big Brother Africa survives eviction - Zimba...

by Staff reporter | 20 October 2014 | 1408 Views

Grace Mugabe's political comedy takes ZTV hostage - For the past two w...

by Staff reporter | 20 October 2014 | 3457 Views

Oliver Mtukudzi to deliver lecture at Musica 2014 - Zimbabwe's interna...

by Staff reporter | 19 October 2014 | 991 Views

Gezha maoko - Ladybee (Official Video)

by Staff Reporter | 19 October 2014 | 1647 Views

Matebeleland Music & Arts Festival - Sivala umnyaka ngengoma lapho sit...

by Staff Reporter | 17 October 2014 | 1471 Views

Obediah Matulana releases Christmas DVD - Bulawayo-based musician Obed...

by Staff reporter | 16 October 2014 | 1625 Views

Grace Mugabe honoured in song - Dancehall outfit Final Warning has rel...

by Tawanda Marwizi | 15 October 2014 | 2079 Views

US firm makes money off Zimbabwe concept - United States transport sh...

by Staff reporter | 14 October 2014 | 2645 Views
iBlog

Obviously, Windows Xp Has Nothing More To Offer

With no support from the manufacturer, windows xp no longer receives antivirus updates, which provoked an increase in the number of attacks on xp users. according to avast company, windows xp systems are attacked 6 times more often than the devices r... Read More
Sergey 12 June 2014 ago

Positions To Make Female Orgasm Easier During Intercourse

some women are fortunate enough to be able to climax easily, and in almost any sexual position. the majority of women though, sometimes find it difficult to orgasm especially when they are with a partner. sometimes this difficulty is just a result ... Read More
adoniadennis 12 May 2014 ago