South African Finance Minister considers cash injection from Transnet

by MMC
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South Africa’s National Treasury is considering whether a cash injection is needed to fully repair the state’s port and rail company. Transnet SOC Ltd.Minister of Finances Enoch Godongwana said.

Derailments, equipment shortages, vandalism, corruption and bad weather have hampered Transnet’s operations. That has prompted companies to cut thousands of jobs to cut costs as goods pile up in warehouses and ports. The Treasury agreed last month to provide a 47 billion rand ($2.5 billion) support package to the company, making about half the amount available to meet immediate debt obligations.

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