South Africa to decide on future of state-owned firms by end 2016


South Africa to decide on future of state-owned firms by end 2016
Passengers board a South African Airways Boeing 737 aircraft at the Kamuzu International Airport in Lilongwe, file. REUTERS/Siphiwe Sibeko

South Africa will decide by the end of this year which state-owned companies would be privatised or closed as the government cuts spending amid slow economic growth, Treasury Director General Lungisa Fuzile said on Friday.

“I can say without fear of contradiction, before the end of this year, it will be possible to go beyond just the technical analysis and reporting and begin now to point at which entities have got to folded and which ones must be merged,” Fuzile said in an interview with CNBC Africa television channel.

His comments came after S&P Global Ratings affirmed South Africa’s investment-grade credit rating, but kept its negative outlook citing low GDP growth.

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