Lifebuoys to state entities at R446 bil, irregular expenditure at R61.3 billion

Die Vryburger

Lifebuoys to state entities at R446 bil, irregular expenditure at R61.3 billion
Lifebuoys to state entities at R446 bil, irregular expenditure at R61.3 billion

Auditor General, Kimi Makwetu warned the government that further lifebuoys to state entities would increase the budget deficit and lead to further credit downgrades. The state advanced R446 billion in the 2018/19 financial year to eleven state owned entities. Irregular expenditure increased from R51 billion to R61.3 billion.

A financial expert said in response to the alarming spending spree, it would be just a stupid foreign investor reacting to Ramaphosa’s attempts to attract investors to South Africa.

The ANC president was in London two weeks ago to recruit new investors, but informed sources indicate that although promises have been received, it will be again as before and no one will actually do the job.

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