South Africa’s SABC To Receive $139 Million Cash Injection From Government
Stella Ndabeni Abrahams, South Africa’s Minister of Communications and Digital Technologies has announced that the SABC would receive $139 million from the Government on Monday, October 7, 2019.
On Friday, the Minister briefed the press on the funding allocation to South Africa’s national broadcaster, which recently reported a massive loss of $31 million over the past year.
The SABC had initially sought a $212 million cash injection from Treasury but was told it would have to meet eight preconditions before approval could be granted.
The national broadcaster has currently only met five of those eight conditions.
Treasury agreed to allocate $139 million to the broadcaster. The remaining $73 million will be approved when the rest of the conditions are met, according to Ndabeni-Abrahams.
The Minister also added that the SABC turnaround would require more than the $212 million short-term funding that had been requested.
She explained that the SABC would now be expected to make monthly presentations to the Department of Communications updating the Minister on its financial status. This would ensure that the broadcaster is in compliance with the funding conditions.
In terms of the preconditions which had still not been fully met - the SABC is yet to come forward and identify non-core assets for disposal in order to help reduce the recapitalisation requirements.
Credit: This artice originated from www.allafrica.com