South Africa: Interim Funding Efforts for SABC Underway

Cabinet has welcomed work being done to raise interim funding for the SABC.

"Cabinet has noted and welcomes the work that is being done to assist the SABC to raise R3.2 billion as interim funding from the commercial banks," said Cabinet.

It was reported earlier this month that National Treasury has agreed to provide the South African Broadcasting Corporation (SABC) with interim financial relief. This relief is to prevent the national broadcaster -- which is facing financial strain -- from collapsing.

In its statement on Thursday, Cabinet, which held its last meeting under the fifth administration, said the interim measures are to ensure that the SABC is able to meet its funding requirements between now and September 2019.

"Cabinet remains committed to supporting the SABC and this follows earlier announcements by Finance Minister Tito Mboweni in his Budget Speech in February 2019 to support State-owned companies in financial distress, including the SABC, to receive funding currently allocated in the contingency reserve," it said.

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