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Page 17 - நிறுவனங்கள் அமைச்சர் பிராவின் கோர்டன் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Covid-19 worsens the fate of state-owned enterprises and several risk a debt default- Treasury

The Land Bank defaulted on its debt last year - it has been allocated R7 billion to support its restructure. The financial performance of State-Owned Enterprises (SOEs) continued to deteriorate in 2020/21, this with the Covid-19 pandemic and associated lockdown impacting plans. Several SOEs are at risk of defaulting on their debts, says Treasury. In the past year the Land Bank defaulted on its debt obligations. Mandates of SOEs are being reevaluated as part of a rationalisation process to make sure they respond to growth supporting and developmental mandates.  The Covid-19 pandemic and associated lockdowns have upended plans for state-owned enterprises (SOEs), compromising their revenue growth and contributing to the deterioration of financial performance, according to National Treasury.

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