R1.2 billion Not Enough For SABC – Board Chair

PICTURE: Robbie Tshabalala

JOHANNESBURG: The organization’s loss is around R600 million in the 2017-2018 financial year alone.

Chairperson of the South African Broadcasting Corporation (SABC) Board Bongumusa Makhathini says the credit extension granted on Tuesday may not be enough to get the Public Broadcaster out of the woods.

Communications Minister Nomvula Mokonyane announced that the credit extension means the cash-strapped SABC will be able to go to banks to seek a loan of R1.2 billion as it moves towards financial stability and good governance.

The organisation’s loss is around R600 million in the 2017-2018 financial year alone.

Makhathini says, “It’s certainly not enough. Almost a year ago, the interim board put a request for R3 billion. That was a figure that would allow us to invest enough for content and make some improvement on our facilities and equipment and enough money to dedicate towards content – which is critical for us to turn around the situation.”

“So getting a limit of R1.2 billion is not enough. That’s why even the manner, in which we are going to use this money when we get it, is to pay some of the debts, looking at the agents and then buying some content but we have to invest in facilities and equipment,” adds Makhathini.