In case you missed it | Financial support for SOEs conditional on progress, says Tito Mboweni
Financial support for struggling state-owned entities such as the SABC, Denel and SAA will be released in chunks as certain conditions are met, finance minister Tito Mboweni said in the National Assembly on Tuesday.
There had to be progress in these organisations before the government would grant them funds, Mboweni said, adding that chief restructuring officers would be announced for each of these entities on Wednesday. These chief restructuring officers would work with the management of these companies to get them back on track.
Summing up the debate on the Appropriations Bill, the finance minister said the allocations would be made from the contingency reserve, which was increased by R6bn to R13bn in the February budget so government could respond to requests for fiscal support from SOEs. Mboweni said the Treasury would only be in a position to use the contingency reserve once the Appropriations Bill had been adopted by parliament.The SABC, which is the main source of news and commentary for most South Africans, is on the verge of collapse and has warned that it could be forced to go off the air R3.2bn government guarantee to stay afloatletter that he recognised the immediate need for the public broadcaster to be given some form of assistance.
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