"He said the ailing airline required over $40 million in immediate working capital."
National carrier Air Zimbabwe (Air Zim) is sitting on a $137 million debt and incurs a monthly loss of $3,5 million from its operations, acting chief executive Innocent Mavhunga revealed.
He said the ailing airline required over $40 million in immediate working capital.
The Air Zim executive said Air Zim’s operational challenges were also being worsened by a declining market share on profitable routes.
“Our market share versus South African Airways (SAA) is quite low. We control 30% of the Johannesburg route and market, whilst SAA accounts for about 50%,British Airways slightly below 20%,” Mavhunga said.