- South African Airways received a ZAR1bn (€57m) state guarantee in August 2026.
- The guarantee supports working capital requirements.
- SAA also has about ZAR223m (€12.7m) in government guarantees.
- The airline has received around ZAR50bn (€2.85bn) in bailouts over the years.
- National Treasury is working to identify a strategic equity partner.
South African Airways has confirmed it received a ZAR1bn (€57m) state guarantee in August 2026 to support working capital requirements amid pressure on its operations and finances from higher fuel prices. The guarantee was disclosed on 21 October 2026 in finance minister Enoch Godongwana’s Medium-Term Budget Policy Statement. The airline noted the guarantee is a funding instrument rather than a direct cash injection.
According to the statement SAA also has about ZAR223m (€12.7m) in government guarantees covering unflown-ticket liabilities and letters of credit. The residual risk depends on its ability to absorb these pressures and meet its operating and financing requirements without additional government support. National Treasury director-general Duncan Pieterse did not rule out further government support for SAA.
Pieterse noted the National Treasury was working with the transport department to identify a strategic equity partner. SAA has already received around ZAR50bn (€2.85bn) in bailouts over the years and the strategic equity partner becomes important so that fiscal risk can be permanently mitigated. SAA previously acknowledged efforts to secure additional liquidity and aimed to raise ZAR2bn (€114m) as a cash buffer by April 2026.
Enoch Godongwana shared “Fiscal exposure to South African Airways increased during 2026 following pressure on its operations and finances from the fuel price shock. Government provided a ZAR1 billion guarantee in August 2026 to support working capital requirements.”
