Mboweni held a briefing on Friday along with Treasury executives on the announcement of a R500 billion package to address the impact of Covid-19.

Mboweni unpacked government’s fiscal and monetary policies in dealing with the country’s crippled economy, admitting that government would need to re-invent the economy going forward.

Mboweni said Public Enterprises Minister Pravin Gordhan is weighing up his options.

“One of the things that is upper most in my mind, every day, is how can we take full advantage of this crisis.

“Minister Gordhan spoke about starting a new airline altogether from the ashes of South African Airways so it’s a new economy altogether.”

This comes as the airline faces an uncertain future.

SAA business rescue practioners (BRP) announced plans to lay off the entire airline's workforce at the end of the month to cut costs.

The BRP's are adamant that a structural wind-down is necessary to avoid liquidation.

This means better value when selling off its assets in order to pay severance packages.

But labour unions Numsa and SACCA have rejected this proposal.

“The National Union of Metalworkers of South Africa and the South African Cabin Crew Association reject with contempt both the threat of retrenchments and the ludicrous intimidation of workers by the Business Rescue Practitioners at South African Airways,” says Numsa spokesperson Phakamile Hlubi-Majola.

“This situation could have been avoided if the very same incompetent BRP’s had heeded advice from unions, and had taken the decision to place workers on the training lay-off scheme, in line with the settlement we secured after the strike last year.”

Hlubi-Majola adds: “This is why as Numsa and SACCA we are left with no option but to consider legal action in order to apply for an application to remove the BRP’s and we are calling on government, and in particular the Department of Public Enterprises in the interest of saving SAA, to join our application to defend the airline.”

Jacaranda FM