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South Africa risks financial crisis if debt of state firms mishandled
August 4, 2017 / 10:12 AM / 4 months ago

South Africa risks financial crisis if debt of state firms mishandled

CAPE TOWN, Aug 4 (Reuters) - South Africa’s Finance Minister Malusi Gigaba said on Friday the country could slip into financial crisis if debts owed by state firms were not handled properly, but the government would not privatise the troubled national airline.

Gigaba also told a parliamentary committee that the government would not sell its stake in Telkom to fund bailouts of struggling state firms.

He added that he was negotiating with South African Airways lenders to defer debt repayments of around 7 billion rand ($524 million) that are due in September. ($1 = 13.3620 rand) (Reporting by Wendell Roelf; Writing by Mfuneko Toyana; Editing by James Macharia)

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