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Gigaba: 9 SOEs have debt of close to R700bn

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Cape Town – Nine of South Africa’s state-owned entities racked up debt of close to R700bn in the 2015-’16 financial year on which they had to pay R51bn worth of interest.

This was according to a written response from Finance Minister Malusi Gigaba following a parliamentary question posed by the Democratic Alliance’s (DA) Archibold Figlan.

In his response, Gigaba made a distinction between state-owned entities that borrow for capital expenditure, namely the Airports Company of SA (Acsa), SAA, Sanral, The Trans-Caledon Tunnel Authority (TCTA) and Transnet. The debt these six entities incurred amounted to R557.1bn with an interest rate of R43.9bn for the 2015/16 financial year.

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