Finance minister Tito Mboweni has published updated data on how much money government has spent on bailouts for state-owned entities over the last 20 years.<\/p>\n
Mboweni was responding to a written parliamentary Q&A in which he was asked about how much money was spent since the ANC came into power on 27 April 1994.<\/p>\n
“The total cumulative amount of money spent on state-owned entities (SOE) recapitalisations and bailouts from 2000\/01 to 2019\/20 is R187.4 billion,” he said,<\/p>\n
“The information was derived from the ENE (Estimates of National Expenditure)\u00a0 databases for the years where the classification was clearly indicated and is thus, at this stage, not available from 27 April 1994.”<\/p>\n
Mboweni said that National Treasury followed Standard Chart of Accounts (SCOA) economic classifications in compiling the data and focused on the classification for ‘payment of financial assets’.<\/p>\n
This excludes indemnities, guarantees and other contingent support<\/strong> provided to SOEs during this time that may be interpreted, he said.<\/p>\n Despite this funding,\u00a0financial information presented<\/a> <\/strong>to parliament last week shows that a number of state companies are facing permanent closure without additional capital.<\/p>\n\n
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