South Africa’s embattled public broadcaster is to receive R2.1-billion on 7 October as part of an initial tranche of a R3.2-billion bailout from the government.
The remaining R1.1-billion rand will be transferred to the SABC once the public broadcaster fully meets the remaining three outstanding conditions or firmly demonstrates evidence to fully comply, the department of communications said in an e-mailed statement on Friday.
The finance minister announced the funding allocation in February from reserve funds but attached preconditions. These have been jointly assessed by national treasury and the communications department, and the SABC has fully met five, partially met two, while the remaining condition hasn’t been met. — Reported by Paul Vecchiatto, (c) 2019 Bloomberg LP