<\/p>\n
National Treasury will stage a three-year intervention to stabilise the City of Johannesburg Metropolitan Municipality, Finance Minister Enoch Godongwana said on Monday.<\/p>\n
Implementation of the plan will continue beyond the municipal elections on 4 November, even if a new administration takes control of the city, Godongwana said at an event to mark the announcement of the Development Bank of Southern Africa (DBSA) financial results.<\/p>\n
\u201cAny government that comes out of Johannesburg will need our support, so we\u2019ll be there for the next three years,\u201d he said.<\/p>\n
\u201cWe\u2019re working together with the DBSA and all the other relevant institutions to give effect\u201d to the turnaround plan.<\/p>\n
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DBSA steps up efforts to rescue struggling municipalities<\/p>\n
Johannesburg is South Africa\u2019s biggest city, accounting for about 15% of the country\u2019s economic output, but years of political instability and mismanagement have left it unable to pay its bills or provide reliable basic services.<\/p>\n
The city is currently run by a coalition led by the ANC, the biggest political party, but some opinion polls show power could change after the vote.<\/p>\n
Treasury\u2019s intervention follows other failed efforts by the national government to get the city\u2019s finances back on track.<\/p>\n
Meanwhile, the DBSA said profit rose 47% to R7.8 billion ($478 million) in the year to the end of March 2026.<\/p>\n
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It said municipal credit risk remains elevated due to financial mismanagement, poor audit outcomes, the vandalism of infrastructure, poor service delivery and budgetary constraints.<\/p>\n
\u00a9\u00a02026\u00a0Bloomberg<\/p>\n
#National #Treasury #threeyear #plan #fix #Joburg<\/p>\n","protected":false},"excerpt":{"rendered":"
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