The public ought to have a say in how state entities such as SAA are run.
South African Airways (SAA)'s chief financial officer Wolf Meyer told Business Day on Monday that the loan is an interim measure until Cabinet adopted the airline's turnaround plans.
The R1.5-billion is working capital to keep operations running while SAA grapples with high fuel prices and its loss-making, long-haul business in a highly competitive market.
SAA used a R5-billion state guarantee extended to it last year to secure the loan.
"All the legal documents [for the loans] are being finalised and we are waiting for the minister's final approval," Meyer told the newspaper.
"The cash will be available today [Friday] or Monday."
Meyer said SAA had also received a "good rate" on the loans because of the guarantee. The loans are believed to have been extended by Rand Merchant Bank and Investec.
Meyer refused to confirm this, however, and only told Business Day that the loan was split "fifty-fifty" between two local banks.
"We require it [the loans] for working capital … this was always our plan to use part of the guarantee to raise money," he was quoted as saying.
SAA would repay the loan once it had gone ahead with its bond issue. – Sapa