Efforts under way to assist SABC raise funds

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Cabinet has announced that efforts are under way to assist the SABC to raise R3.2 billion, as interim funding from commercial banks.

Following its meeting on Wednesday, Cabinet says it welcomes the efforts, saying they will ensure that the public broadcaster is able to meet its funding requirements between now and September 2019.

Cabinet says it remains committed to supporting the SABC.

In his budget speech in February this year, Finance Minister Tito Mboweni announced the need to support state-owned-enterprises (SOEs) that were in financial distress, to receive funding currently allocated to the contingency reserve.

Earlier this month  Minister of Communications, Telecommunications and Postal Services Stella Ndabeni-Abrahams, said the SABC will get immediate interim relief from National Treasury in order to deal with its liquidity crisis.

The SABC had warned that it would not be able to pay staff salaries at the end of March if something was not done to recapitalise the public broadcaster.

The organisation revealed that it would reach factual insolvency at the end of March.

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