South Africa: SABC To Get $71.8 Million Govt Bailout Next Month - Reports
This comes just after the SABC board was told that it would receive the bailout in phases — provided that it meets specific terms and conditions as part of its turnaround strategy.
The South African government allocated $209 million to the SABC in 2019/2020, of which $137 million has been transferred, to enable the national broadcaster to pay its debts.
The conditions were said to include a review of the broadcasting sector policies to align with the latest advances in technology, costing the developmental mandate and also evaluating opportunities for private sector participation.
During the tabling of this year’s budget speech, yesterday treasury said that the remaining $71.8 million is expected to be provided to the SABC by 31 March this year.
Meanwhile, the state-owned aerospace and military equipment manufacturer, Denel, which had been facing severe liquidity problems, would be allocated an additional $37.6 million.
The government had initially said that it would give the entity a cash injection of $117 million in 2019/20.
Credit: This article originated from www.techcentral.co.za