Communications Minister Stella Ndabeni-Abrahams has announced that the SABC will be receiving R2.1 billion on Monday as part of the R3.2 billion bailout. File Photo: IOL

Communications Minister Stella Ndabeni-Abrahams has announced that the SABC will be receiving R2.1 billion on Monday as part of the R3.2 billion bailout.

The Minister said the money would be transfered to the SABC on Monday October 7.

The government has, however, set stringent conditions before the money is released, which include that the Public Broadcaster submit a list of identified initiatives for revenue enhancement and cost-cutting initiatives.

Briefing the media Ndabeni-Abrahams said the SABC had met most the conditions that were set out by government.

She said the balance of R1.1 billion would be forwarded to the broadcaster after it had met the outstanding set conditions or at lease have shown commitment to fully comply.

Other significant conditions are that the broadcaster conduct a thorough investigation into the cause of its financial collapse, produce separate financial reporting for its public and commercial broadcasting services, and also identify non-core assets for sale.

The public broadcaster, which has not made a profit in six years, said it was expecting a financial loss for the last financial year.

In his budget speech in February, Mboweni said the SABC required a total bailout of R6.8bn to be able to run its business. However, it urgently needs R3.2bn to avoid a blackout.

Senior officials have said the corporation has been struggling to survive over the last two years.

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