The Land Bank admitted that it could not pay the interest on its debt that has to be paid now, and this has left many institutions in fear that the Bank may not remain standing.
This past Monday, 13 July 2020, the Land Bank had to pay just over R29 million, but gave notice a few days earlier that it did not have the means to meet the obligation.
This is the third time since April this year that the Bank has given notice of its inability to pay the interest due.
The Land bank’s faltering condition has the farmers and the agricultural organizations very worried because it could put the farmers in an extremely tricky position if the bank collapses.
The Land Bank’s financial crisis is the umpteenth state entity that is in the process of collapsing and the huge amount approved by the ANC government to keep the bank afloat makes the dilemma even more complicated.
Read the original article in Afrikaans on Die Vryburger
South Africa Today – South Africa News
