Johannesburg is not in a financial crisis, despite returning to council to request approval of a report to access a R2bn short-term loan, says mayor Mpho Phalatse.
“People are tired of hearing it as an excuse for everything, the pandemic's impact is still being felt and will continue to be felt for the foreseeable future,” she said, citing it as the reason the city struggled to attract loan funding in the 2021/2022 financial year.
“The auditor-general found many South African municipalities faced financial difficulties and irregular expenditure had reached an untenable level. The struggle to attract loan funding was not isolated to Johannesburg. “We are affected by other municipalities' poor performance as investors tend to see all governments as a single entity.
“Despite the claims doing the rounds, the city is in a position to honour its loan repayments,” Phalatse said. The executive is expected to again request council approve the report for a short-term loan, which it says will be repaid by June 2023. Phalatse confirmed the city had secured R2bn. All that was left was for council to approve the application.
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