By Paul Vecchiatto
(Bloomberg) – South Africa’s embattled public broadcaster is to receive R2.1bn ($138m) on Oct. 7 as part of an initial tranche of a R3.2bn bailout from the government.
The remaining R1.1bn will be transferred to the South African Broadcasting Corp. once the public broadcaster fully meets the remaining three outstanding conditions or firmly demonstrates evidence to fully comply, the Department of Communication said in an emailed statement Friday.
The finance minister announced the funding allocation in February from reserve funds but attached preconditions. These have been jointly assessed by National Treasury and the communications department, and the SABC has fully met five, partially met two, while the remaining condition hasn’t been met.
