25 September 2017

South Africa: Finance Ministry Dismisses 'Malicious' Pic Reports

Photo: kev-shine/Flickr
(file photo).

The Ministry of Finance has refuted media reports stating that National Treasury wants to use R100 billion of the funds in the Public Investment Corporation (PIC) to bail out struggling State Owned Enterprises (SOEs).

"The Minister would like to clarify that these reports are untrue. No formal or informal request has been sent to the PIC for such funds," National Treasury said in a statement on Monday.

National Treasury said Minister of Finance Malusi Gigaba has noted with concern the media reports. The Minister finds these reports malicious and unconstructive, the Treasury said.

"Such untrue reports deviate attention from what is important - finding a long-term solution that will ensure that SOEs continue to contribute to our economic development without being a burden on the fiscus," Treasury said.

The Minister has called an urgent meeting with the PIC board to deal with this matter and other pressing issues. More information on the meeting will be provided soon.

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