Godongwana Rebuffs Anc Call To Bail Out Transnet, Sticks To 'tough Love'

Finance Minister Enoch Godongwana vowed to keep showing 'tough love' toward the nation's ailing state-owned enterprises SOEs, rebuffing calls for a bailout of Transnet.

ANC said it would ask the Treasury for a relief package for the rail and ports operator similar to the one granted Eskom in 2023.

'My stance on tough love for SOEs remains,' he told Bloomberg in an interview on Wednesday.

Godongwana, who will deliver South Africa's annual spending plan on February 19, said that the budget process was now closed.

South Africa has spent more than R520 billion since 2009 in bailouts for state-owned companies, some of which continue to experience operational challenges and remain in precarious financial positions.