April 30, 2020 / 1:37 PM / 25 days ago

South Africa willing to sell 'poorly functioning' state-owned firms - finance minister

JOHANNESBURG, April 30 (Reuters) - South Africa’s Finance Minister Tito Mboweni told lawmakers on Thursday the government was willing to sell cash-burning state-owned firms to ease pressure on government finances in the wake of the coronavirus pandemic and sharply falling tax revenue.

The treasury sees gross domestic product slumping by nearly 6% in 2020, while tax receipts are expected to tumble by at least a third. Answering questions during a virtual session to parliament, Mboweni said the government would sell “poorly functioning” state firms, without giving details. (Reporting by Wendell Roelf; writing by Mfuneko Toyana; editing by Mark Potter)

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