The South African government is investigating which of its state assets it can sell off as it comes to the aid of South African Airways (SA, Johannesburg O.R. Tambo) with a ZAR2.2 billion (USD166.5 million) loan, reports Business Day. The government made the decision to bail out the airline in early July, afraid that a default would trigger a call on the National Revenue Fund guarantee.

"The government's decision to settle a debt owed by the airline to Standard Chartered Plc mustn't affect the balance of this year's budget," Finance Minister Malusi Gigaba said in a letter to parliament.

Business Day identifies Telkom SA SOC Ltd as a potential asset up for disposal. The government currently holds a 39.8% direct stake worth about ZAR13.5 billion (USD1.04 billion) in the telecoms company, and an additional 10.9% through the state-owned Public Investment Corporation.

As well as the Standard Chartered debt, South African Airways has other loans totalling approximately ZAR6.8 billion (USD512 million).