Transport Minister says Air Zimbabwe’s accounts were last audited in 2009, debt now at $323 million

Mr. Speaker Sir, the airline, at the very least, requires aircraft suitable for domestic, regional and international routes at an estimated cost of US$770 million. This will involve procuring three small jets for the domestic market and an appropriate mix for other regional and international aircraft in line with the airline turn-around strategy.

Mr. Speaker Sir, Government is in the process of acquiring a new fleet of the National Airline which suits local, regional and international market.  This will greatly improve adherence to schedules by the airline.

5.  WAY FORWARD

Air Zimbabwe is in urgent need of recapitalisation to start sustainable operations.  As already alluded to, it had a debt overhang of US$323 million as at 31st December, 2016.  Given the prevailing demands on the fiscus, it is not conceivable that at the present moment Government can inject the required capital into Air Zimbabwe, hence the need for engagement of a strategic partner.  Recapitalisation of the airline will enable it to contribute positively towards both tourism and economic growth.

A strategic partnership increases scope for capacity development through acquisition of new fleet, skills transfer, marketing of trade and business opportunities for the country and boosts tourism potential.  Government has recently approved the engagement of a strategic partner for our National Airline.  The process has started in earnest and my Ministry is committed to the exercise.  Thank you.

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