SABC Receives Temporary Financial Support

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The public broadcaster is in agreement with Treasury to receive interim financial relief, but not the full R6.8 billion bailout the SABC said it needed

The South African Broadcasting Corporation (SABC) will get provisional financial relief from National Treasury and will be able to pay staff salaries at the end of March.

This follows a warning by SABC chief executive officer, Madoda Mxakwe, that the public broadcaster is on the brink of bankruptcy and likely to be broken by the end of March if there is no intervention.

The public broadcaster is in agreement with Treasury to receive interim financial relief, but not the full R6.8 billion bailout the SABC said it needed.

Speaking to a Johannesburg-based radio station Power FM, group executive for corporate affairs and marketing, Neo Momodu says the SABC has been granted an amount of money that is not yet made public.

“We will be able to pay salaries at the end of March. We are hoping that should we get the funding we require, we will be able to meet our expenses.”

She says she can’t predict how far the funds would go for the SABC.

“The money will enable the SABC to implement its turnaround strategy. As you know, the turnaround strategies are usually a period of three years. It is money that will take the SABC out of the financial red.

“Our executive directors are working very closely with the communications department to put an application to National Treasury. As soon as we get the money, we will report.”