SABC receives R3.2bn bailout from Treasury

By Oluthando Keteyi - 04 October 2019Views : 388

The struggling South African Broadcasting Corporation (SABC) will receive a much-needed R3.2 billion bailout from National Treasury.

Communications Minister Stella Ndabeni-Abrahams made the announcement on Friday morning.

The broadcaster Monday is expected to receive R2.1 billion with R1.1 billion to be transferred once “ the public broadcaster fully meets the remaining three outstanding conditions or firmly demonstrates evidence to fully comply."

Ndabeni-Abrahams said that one of the conditions that the broadcaster, has not meet is developing a comprehensive Private Sector Participation (PSP) strategy, however, the SABC has agreed to work on the condition.

The minister also noted that the public broadcaster needs more than the R3,2 billion for its turnaround plan and has submitted a board-approved Turnaround Plan which is currently being reviewed by National Treasury and the Department of Communications.

"DoC will further continue engaging with National Treasury to source funding through the normal Medium-Term Expenditure Framework processes," said Ndabeni-Abrahams.