SABC receives R2.1 billion bail out

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

Government had set stringent conditions before the money is released.

The conditions include that the Public Broadcaster submit a list of identified initiatives for revenue enhancement and cost-cutting initiatives, 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.

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

In March, Treasury agreed to provide the SABC with interim financial relief to prevent the broadcaster from collapsing.

The SABC has been struggling to pay its creditors. It was declared technically insolvent at the end of January 2019.

wATCH: The Minister’s media briefing below…