South Africa cuts support for SOEs

Bradley Prior

MyBroadband Journalist
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South Africa cuts support for SOEs

South Africa will curtail financial support for cash-strapped state-owned companies as the country battles to reduce dependence on government guarantees and rein in debt to stave off a credit-rating downgrade to junk.

Approved guarantees for debt issued by state-owned companies will decrease by 3.3 billion rand ($502 million) to 484.4 billion by the end of March, the National Treasury said in its annual budget review on Wednesday, potentially leaving the government on the hook for 979.9 billion rand of contingent liabilities, rising to 1.04 trillion rand in the 2020-21 fiscal year. [Bloomberg]
 

RuhanSA079

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Sep 17, 2016
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Clickbait. WHEN SA is cutting support, it means cutting SAA, Denel, and other major sinking ships (SOE's) out of the picture. I guess the ANC gvt is too proud to have a state owned airline, sinking or not.
 
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