Joburg could find itself in ‘uneasy state of financial affairs’, warns mayor
If a short-term loan, repayable in June 2023, is not secured it could result in the city struggling to pay staff salaries for its estimated workforce of 32,000
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 (DBSA), 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...
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