SABC to receive R2.1bn bailout from government
The South African Broadcasting Corporation (SABC) will be receiving R2.1 billion from government on Monday.
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Communications Minister, Stella Abrahams says the public broadcaster did not get the full R3.2 billion it requested, because it has only met five of the eight conditions set out by the National Treasury.
"The remaining balance of R1, 1 billion will be transferred once the public broadcaster fully meets the remaining three outstanding conditions or firmly demonstrates evidence to fully comply," she said.
Abrahams says the bailout is a drop in the ocean in contrast to the R482 million of debt the SABC is swimming in.
LISTEN:
[Statement] Minister of Communications and Digital Technologies, Stella Ndabeni-Abrahams on the #SABC funding allocation. The National Treasury attached three conditions to the DoC which do not impact on the release of funding to SABC https://t.co/NJVeK5I8S4 pic.twitter.com/fz4UHhrKNY
— South African Government (@GovernmentZA) October 4, 2019
