Menu

South African pension fund won’t be used to bailout state firms: Financial Minister

Featured

Financial Minister - [http://www.biznisafrica.com/wp-content/uploads/2017/04/Malusi-Gigaba-600x300.jpg] Financial Minister - [http://www.biznisafrica.com/wp-content/uploads/2017/04/Malusi-Gigaba-600x300.jpg]

South Africa is not planning to raid the government pension fund to bail out struggling state firms, Finance Minister Malusi Gigaba said on Tuesday.

Gigaba also denied reports that he told a COSATU union meeting that indebted state-owned entities needed 100 billion rand ($7.50 billion) to survive.

Citing people familiar with the matter, Bloomberg reported on Friday that the Treasury needed at least 100 billion rand to rescue power utility Eskom Holdings, oil company PetroSA and aerospace company Denel.

($1 = 13.3375 rand)


 

Source

CNBCAFRICA

back to top

Industries

About us

Follow us

Follow us @BusinessNewsCT

BusinessNewsCT Can desalination save Cape Town from water crisis in nick of time? - https://t.co/yxv1Nv0BOF https://t.co/zYm7778UZX
20hreplyretweetfavorite
BusinessNewsCT Local banks demand R5 billion leaving SAA in distress - https://t.co/t6UrDpFNZC https://t.co/Bhl1k3xGLa
BusinessNewsCT Dangote Refinery Africa’s biggest refinery takes shape - https://t.co/Rsi3XXnh3m #Dangote https://t.co/0df5jaIvI3