Joburg could find itself in ‘uneasy state of financial affairs’, warns mayor

Johannesburg, SA’s richest and biggest metro, has laid bare the state of its finances saying while the situation was not dire yet, failure by council to urgently approve a R2bn loan facility from the Development Bank of Southern Africa , could plunge the country’s economic hub into an “uneasy state of financial affairs”.

If the short-term loan, repayable in June 2023, was not secured it could result in the city — which has a budget of R77.3bn for the 2022/2023 financial year — struggling to pay staff salaries for its estimated workforce of 32,000, meet its financial obligations to service providers and most importantly, deliver services to its 6-million residents...

Source: Loan Digest (loandigest.net)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sello Moloko to step down as Telkom chairpersonRespected business leader SelloMoloko has decided to resign from his position as independent non-executive director and chairperson of the board of directors of TelkomZA, citing workload reasons as being behind is departure. Moneyweb Matshoba_A
Source: Moneyweb - 🏆 5. / 77 Read more »

Give your business a 2023 head start this Black Friday!Reliable, affordable tech is the backbone of any business. And as you look towards the new year, look no further than Incredible, for the tech to keep your business efficient, agile, and competitive in 2023.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

Nigeria: 2023 - Senate Summons Finance Minister Over Unexplained U.S.$464 Million In Ministry's BudgetThe Senate committee says the finance minister should appear with details and plans for the allocation made despite the country's dwindling revenue and struggling economy.
Source: allafrica - 🏆 1. / 99 Read more »

South Africans are in for a tough 2023: economistsEconomists expect a big rate hike this week – with more to come in the new year.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

'Godfather of data literacy' to deliver keynote at ITWeb's BI Summit 2023Jordan Morrow'will talk about enabling the data-driven business and why we are still not getting it right.ITWebBI2023
Source: ITWeb - 🏆 45. / 51 Read more »

Three more countries at risk of currency crisis in 2023: NomuraThe Czech Republic, Romania and Hungary face the risk of exchange-rate crises over the next one year as fiscal and external challenges mount. Moneyweb Currency
Source: Moneyweb - 🏆 5. / 77 Read more »