Department of Communications sets conditions for SABC financial relief

The SABC may receive some financial relief from Treasury within the next 10 days if it abides by certain preconditions, says the Department of Communications.

It emerged earlier this week that Finance Minister Tito Mboweni turned down the corporation’s application for a much-needed R3.2bn government guarantee. The broadcaster has been given two months to present a feasible turn-around strategy to Parliament.

Director general Nomvuyiso Batyi says the department is still engaging potential funders and lenders.

Because this still falls after the appropriation period of national strategy, we are engaging with funders and lenders so within the next 10 days, subject to them performing on the conditions, then the money will be made available.

Nomvuyiso Batyi, Director general - Department of Communications

It is just preconditions of getting their house in order - ensuring that they have cash-flow statements that have projections for a year to 18 months.

Nomvuyiso Batyi, Director general - Department of Communications

The next point is that myself and the DG of National Treasury, we are looking at other options.

Nomvuyiso Batyi, Director general - Department of Communications

Click on the link below to hear more...


This article first appeared on 702 : Department of Communications sets conditions for SABC financial relief


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