State-owned companies in financial distress that have relied on government bailouts to remain afloat, will not be allocated any additional funding over the next three years as the government moves to rein in public spending.

The announcement by finance minister Enoch Godongwana in his maiden medium-term budget policy statement (MTBPS) is expected to be welcomed by economists and ratings agencies who have previously flagged the poor financial performance of state-owned enterprises  (SOEs) and their long-standing governance problems as risks to the country’s economic growth...

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