Johannesburg, SA’s richest and biggest metro, has laid bare the state of its finances saying while the situation was not dire yet, failure by council to urgently approve a R2bn loan facility from the Development Bank of Southern Africa , could plunge the country’s economic hub into an “uneasy state of financial affairs”.
If the short-term loan, repayable in June 2023, was not secured it could result in the city — which has a budget of R77.3bn for the 2022/2023 financial year — struggling to pay staff salaries for its estimated workforce of 32,000, meet its financial obligations to service providers and most importantly, deliver services to its 6-million residents...
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