Tshwane metro to collect R190 billion 💰from residents and businesses to avoid downgrading, as they struggle to make payments to Rand Water 💦and Eskom🔌 on time: Eskom loadshedding watershedding waterrestrictions
The Tshwane metro plans on collecting in excess of R190 billion from residents and businesses to avoid a further credit downgrade from Moody’s.
“When current liabilities exceed current assets, a company or organisation is technically bankrupt. In the case of a municipality, it is also known as an unfunded budget.“This situation in Tshwane has been the reality for the past seven years,” he said. This means more stringent financial management being applied, because the metro is also incapable of qualifying for long-term loans. Moody’s downgraded the metro in 2021, which prevents them from attaining any long-term financial assistance.Despite collecting around R9 billion from residents over the last four months, Sutton said the metro needed about R190 billion in four years to turn its finances around.
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