Left Menu
Development News Edition

South African public broadcaster to get $211 mln government bailout

Reuters | Cape Town | Updated: 04-10-2019 15:21 IST | Created: 04-10-2019 14:53 IST
South African public broadcaster to get $211 mln government bailout
Image Credit: Twitter(@SAgovnews)

South Africa's cash-strapped public broadcaster will get a 3.2 billion rand ($211 million) government bailout, but will need to meet preconditions including identifying assets to sell, the communications ministry said on Friday. Minister of Communication and Digital Technologies Stella Ndabeni-Abrahams said the South African Broadcasting Corporation (SABC) would receive 2.1 billion rands on Monday, with the balance transferred once it fully meets three outstanding conditions that were set by the National Treasury.

SABC has already fully met five preconditions, partially met two - including identifying non-core assets for sale - while one has not been met, the ministry said. "It is noted that the SABC turnaround requires more than the 3.2 billion rands short-term funding," Ndabeni-Abrahams said, adding the broadcaster had submitted a turnaround plan which government was currently reviewing.

SABC in January scrapped a plan, which was prompted by the government saying it would reduce financial support, to lay off nearly 1,000 staff, adding it would find other ways to save money. South Africa's largest labor union had threatened a nationwide strike over planned large-scale job losses in the public and private sectors.

SABC is among a clutch of heavily indebted state-owned firms that President Cyril Ramaphosa has promised to wean off state funding and make more transparent and accountable.


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

FEATURE-Football in hijab: Thai Muslim lesbians tackle stereotypes

Refiles to fix date with no changes to text By Rina ChandranPATTANI, Thailand, Nov 30 Thomson Reuters Foundation - A nticha Sangchai did not come out to her family until she was 30 and married with a child. It was her own struggle confronti...

Garmin Forerunner 745 advanced running smartwatch costs Rs 52,990 in India

Garmin has launched its advanced running and triathlon smartwatch, Forerunner 745, in India. It is claimed to provide detailed training stats and on-device workouts as well as smartwatch functions like smart notifications and music streamin...

HK lawmaker says democracy fight needs rethink

When Wu Chi-wai, chairman of Hong Kongs largest pro-democracy party, decided to serve an extended term in the citys legislature, he did not expect to resign two months later. After nearly three decades in politics, the 58-year-old Wu is ste...

Tikri, Singhu borders shut for traffic movement amid farmers' protest

Tikri and Singhu borders have been closed for any traffic movement as the farmers continue their protest against the Centres farm laws, said Delhi Traffic Police on Monday. Tikri border is closed for any traffic movement. Available open bor...

Give Feedback