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South African state firms seeking billions of rand in bailouts, government says

By Reuters | September 1st 2020 at 01:59:54 GMT +0300

South Africa's President Cyril Ramaphosa

South African state companies the Post Office and broadcaster SABC have requested billions of rand in financial support, the National Treasury said in a presentation to parliament on Tuesday.

The Treasury said the Post Office had requested 4.9 billion rand ($292.87 million) in support and SABC was seeking 1.5 billion rand because of the impact of the COVID-19 pandemic.

It added that state agricultural lender Land Bank, which defaulted earlier this year, had resumed interest payments to lenders from August 11.

South Africa COVID-19 cyril ramaphosa
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