JUST IN: SABC given R2.1bn bailout
Parliament - The SABC has been given a bailout of R2.1 billion after struggling for almost two years to get the money from the National Treasury.
Minister of Communications Stella Ndabeni-Abrahams told the media on Friday that National Treasury will transfer the money on Monday.
She said despite the SABC requiring R3.2bn urgently, the government will only allocate R2.1bn for now until it has met all the eight conditions.
The other tranche of R1.1bn will be transferred later.
The SABC has been struggling since 2017 and warned of its collapse if the money was not allocated.
Ndabeni-Abrahams said the money would be used urgently.
“This was an immediate funding. We are engaging on the draft terms of reference sent to us by the National Treasury,” she said in reference to more funding requirements.