In the past 10 years, R331 billion of tax payers money has been used to bail out SOE's, with Eskom receiving the lion's share. Click here for the full story ➡️
Treasury officials on Tuesday presented to MPs an update on the bailouts and government guarantees for the entities in the same period.Head of assets and liabilities division Duncan Peters said many of the problems identified more than a decade ago
, indicating that there has not been much improvement despite new managers over time and strategic plans and state funding in place. “They often lack oversight and accountability. There are weaknesses in boards, lack of transparency and accountability. “There’s been a significant decline in financial performance in the last decade, with a direct impact on the fiscal framework. Their inability to deliver services required from them has shown us recently how it negatively affects the economy and the fiscus,” he told members of the Portfolio Committee on Public Accounts .He said the multiple bailouts for Eskom, SAA, SABC, and the SA Post Office have become a fiscal burden, with the high debt posing “unacceptable levels” of increased fiscal risk.
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