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South African state firms request bailouts over COVID-19

South African state firms request bailouts over COVID-19

South African state companies have requested billions of rand in funding from the government to help them weather the impact of the coronavirus crisis, a finance ministry presentation to parliament showed on Tuesday. Loss-making state companies have long been an Achilles heel for Africa’s most industrialised economy, requiring bailouts that have placed its public finances under huge strain at a time of weak economic growth and helped push its sovereign credit rating to “junk” status. The South African Post Office had requested 4.9 billion rand ($292.87 million) in support, broadcaster SABC was seeking 1.5 billion and airports company ACSA had…
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