TAAG Angola Airlines to face heavy cuts

The Lusa newswire has said that CEO Peter Hill made the disclosure in a presentation to the board of directors last week, where he said the Angolan government could no longer absorb the airline’s losses.

 

"With falling revenues in both passenger and cargo operations the challenge is becoming greater as each month passes. Given the current economic situation of the country, the government is not able to provide sufficient support to cover our liquidity needs today," the presentation notes said.

 

Angolan Vice President Manuel Vicente announced earlier this year that public spending would be cut by 53%.

 

Hill has said that TAAg will implement cuts across the board, with employees to receive basic pay over the next two months.