Latest news with #R26
IOL News
6 days ago
- Business
- IOL News
South Africa finalising R54 billion loan package with World Bank, KfW, and African Development Bank
The International Monetary Fund has also recommended that South Africa reduce its debt-to-GDP ratio to 60% to align with international standards. The announcement comes amid growing concerns over the country's escalating debt levels. South Africa's debt-to-GDP ratio has grown from 23.6% in 2008/09 to a projected 74.7% in 2024/25. In an interview with Bloomberg Television on Thursday, Godongwana said the funds will support municipal projects and performance-related initiatives aimed at improving service delivery and strengthening local government operations across the country. Finance Minister Enoch Godongwana has revealed that the government is managing a loan package totalling about R 54 billion from international lenders, including the World Bank , African Development Bank, and KFW. Godongwana explained that this is not a single new loan but rather a package made up of multiple loans from different development partners. 'We're dealing with another one now, which is supporting performance-related for municipalities. Again, it's a consortium of the World Bank, the KFW, the African Development Bank, all of them coming together to put up a loan for us,' he said. He added that the total loan amount, in rand, is expected to be about 54 billion, and that the funds will likely be disbursed in stages, with some going directly to municipalities and some allocated as a policy loan to support broader reforms. 'I think in Rands overall, the total loan is going to be about 54 billion. I suspect it's going to be staggered because some of it is going to be going into municipalities. Some of it is in what is called the policy loan." The announcement comes barely a month after the World Bank approved a $1.5 billion (R26 billion) loan to support the country's "key reforms aimed at making the country's infrastructure more efficient and sustainable." According to the bank, the loan also aims to address South Africa's twin economic challenges of low growth and high unemployment by easing infrastructure constraints in the energy and freight transport sectors. IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
IOL News
6 days ago
- Business
- IOL News
Transforming Pretoria West: How the City of Tshwane plans to reclaim properties for economic growth
The City of Tshwane team led by Mayor Nasiphi Moya targets illegal tenants in Pretoria West for urban renewal. Image: Supplied/City of Tshwane The City of Tshwane plans to lease reclaimed buildings in Pretoria West to legitimate businesses following the eviction of tenants with unpaid bills in a bid to stimulate economic growth and promote spatial justice before the Tshwane Investment Summit in September 2025. The move follows the City's recent issuance of eviction notices to illegal tenants occupying municipal buildings in the area, who owe over R26 million in unpaid rent for 12 properties and 35 stands. Visiting one of the properties that had been illegally occupied for years, Mayor Nasiphi Moya said the City envisions Pretoria West as a thriving manufacturing hub. She noted that the building had been occupied by these individuals for years without the City collecting rent. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ 'We have not been getting money for electricity and water and our people have not been using it to build their businesses,' she said. Kholofelo Morodi, mayco member for Corporate and Shared Services, said the city's Bad Buildings Committee has included the Pretoria West Precinct in the urban renewal strategy and investment readiness initiative to reclaim hijacked buildings. The urban renewal strategy seeks to revitalise neglected areas, safeguard municipal assets, and establish zones ready for economic development. Morodi described the high-impact operation in the Pretoria West Precinct as a success, underscoring the city's commitment to urban renewal, protecting assets, and investment readiness. 'This city-owned precinct had been unlawfully occupied by individuals without valid lease agreements or documentation. In addition to structural neglect and non-payment for services, authorities uncovered a network of illegal electricity connections — posing severe fire hazards and threatening to overload the grid, with implications for citywide energy stability and public safety,' she said. She explained that the operation forms part of the committee's mandate to systematically reclaim and reintegrate hijacked, misused, and unsafe assets into formal urban development frameworks. 'Pretoria West Precinct is one of many strategic properties the city will be securing and restoring to operational dignity. These buildings are not abandoned — they are being repositioned to fuel inclusive growth, job creation, and spatial justice ahead of the Tshwane Investment Summit in September 2025,' she said. She said the operation was carried out lawfully and peacefully, with coordination among key departments, including group property management, group legal, the city manager's office, and the Tshwane Metro Police Department, among others. Morodi said: 'The Pretoria West Precinct now forms part of Tshwane's broader Urban Renewal Strategy — a transformative blueprint to activate neglected urban spaces, safeguard municipal assets, and prepare spade-ready zones for catalytic development.' She vowed that the city will continue to step up multi-faceted operations across all seven regions, reclaiming hijacked infrastructure and transforming it into secure, functional, and economically thriving areas for everyone. In a recent operation, the city targeted a property housing over 20 shacks, where tenants were paying R1,500 to R2,000 per room. The city also issued bylaw contravention notices for two properties and had previously fined a nearby scrap yard dealership for constructing a wall that exceeded height limits without approval.
The South African
14-07-2025
- The South African
Wrongful death trial begins for ex-KZN rugby player killed by police in Hawaii
The civil trial into the death of former KwaZulu-Natal rugby player Lindani Myeni began on Monday in Honolulu, over three years after he was fatally shot by police in the US state of Hawaii. Myeni, 29, originally from Empangeni, was unarmed when he was shot four times during a confrontation with police officers in April 2021. At the time, officers claimed they were responding to a 911 call reporting a suspected burglary. Myeni's widow, Lindsay Myeni, an American citizen, has filed a wrongful death lawsuit against the City and County of Honolulu, alleging that police officers failed to identify themselves and that their actions were racially motivated. Despite public pressure, prosecutors declined to charge the three officers involved, citing that their use of deadly force was justified. The trial proceeds after the Honolulu City Council opted not to vote on a proposed $1.4 million (R26 million) settlement, following objections from local law enforcement. According to local outlet Honolulu Civil Beat, the council's decision was delayed after Honolulu police officers expressed strong opposition to the payout. The case has drawn attention both in the US and South Africa, reigniting debates around racial profiling, police accountability, and justice for victims of police violence. Myeni was a father of two and had settled in Hawaii with his family before the fatal incident. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
10-07-2025
- Business
- IOL News
Former Sasol employee disputes R1. 8 million payout 10 years after retrenchment
A former Sasol employee took Old Mutual to the Financial Service Tribunal to dispute the R1.8 million pension payout. Image: Pexels A former Sasol employee took Old Mutual to the Financial Service Tribunal (FST) to dispute the R1.8 million payout he received after his retrenchment in 2015. Thabiso Sehlabaka worked for Sasol from 1988 until he was retrenched in 2015. Initially a member of the Sasol Pension Fund, Sehlabaka transitioned through the Sasol Negotiated Provident Fund before finally migrating to the Old Mutual Superfund. Following his retrenchment, in April 2015, Sehlabaka received over R1.8 million after tax deductions. Four years later, in November 2019, he received an additional sum of R26,777 from the Unclaimed Benefits Preservation Fund, but it was only in August 2024, that he raised concerns about his payout. He lodged a complaint with the Pension Funds Adjudicator (PFA) as he was dissatisfied with his payout. Unfortunately, in December 2024, the PFA declined to investigate his complaint, finding it time barred. The setback did not deter Sehlabaka, who filed an application for reconsideration with the FST in February 2025. He argued that he only became aware of potential discrepancies in early 2024, leading him to assert that his complaint was still within acceptable time limits. His dissatisfaction stemmed from claims of insufficient compensation after 27 years of service, discrepancies in years of service accounted for, and pivotal issues regarding taxation. Sehlabaka alleged an incorrect South African Revenue Services (SARS) tax deduction of R15,000 that he claims remains unpaid and is owed to him. Furthermore, he claimed that he never consented to his exit from the Sasol Negotiated Provident Fund to Old Mutual's Superfund. He was also dissatisfied with the overall benefit amount received after 27 years of service. Moreover, he said some years of service were not accounted for. However, Sasol clarified that Sehlabaka was not required to opt into the Superfund, as this was accomplished through a Section 14 Transfer. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Presiding over the tribunal, Advocate Salmé Maritz examined the case and found Sehlabaka offered insufficient reasons for the nine-year delay in raising his concerns. Maritz noted that the allegations of incorrect tax deductions and unaccounted service years were vague and unsupported, lacking any new factual basis that could not have been unearthed with reasonable diligence. Regarding the disputed R15,000 tax deduction, Maritz clarified that this amount was lawfully deducted in accordance with the Income Tax Act and specified that Old Mutual was mandated to remit taxes to SARS prior to disbursing any funds. "The Superfund (Old Mutual) is legally required to deduct and pay this tax to SARS before making a payment. The Superfund cannot refund lawfully deducted tax to the applicant (Sehlabaka). If the applicant disputes the deduction or believes it wasn't paid to SARS, he must raise it with SARS," added Maritz. Consequently, Sehlabaka's application was dismissed. IOL News Get your news on the go, click here to join the IOL News WhatsApp channel
IOL News
04-07-2025
- Politics
- IOL News
Nkabane unfazed by calls for her axing over SITAs
Higher Education Minister Nobuhle Nkabane says she will not dignify direct attacks at her other than focus on the task at hand of serving the people of South Africa. Image: Facebook UNDER-FIRE Higher Education Minister Nobuhle Nkabane refused to be drawn to mounting calls for her axing, saying her task was to serve the people of South Africa. 'I am not going to dignify direct attacks on me. I am going to focus on the task at hand of serving the people of South Africa,' she said. She made the remarks when she presented her department's budget for the 2025/26 financial year in the National Assembly two days after doing so in the National Council of Provinces, where the DA, MK Party, and the EFF rejected it. The department has been allocated R142.4 billion and is set to increase at an average annual rate of 4.4% to R150 billion in the next financial year and R158 billion in 2027/28. 'This growth is not sufficient to meet growing demands for additional resources,' she said. The Technical and Vocational Education and Training colleges have been allocated R14 billion, and both the Sector Education and Training Authorities (SETAs) and the National Skills Fund have a combined R26 billion. Nkabane is under growing pressure and could face legal consequences after Advocate Terry Motau, whom she named as chair of an independent SETA board advisory panel, stated that he never accepted or agreed to the position. She is being accused of misleading Parliament and manipulating the board appointment process to benefit politically connected individuals. The scandal began when Nkabane recommended a number of politically connected individuals to SETA boards. Among them were Buyambo Mantashe, son of Mineral Resources Minister Gwede Mantashe, former KwaZulu-Natal Premier Dr Nomusa Dube-Ncube, KZN Transport head Siboniso Mbhele, and ANC Johannesburg deputy regional secretary Loyiso Masuku. She was forced to restart that process after President Cyril Ramaphosa apparently expressed his displeasure at the selection. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading On her department's budget, Nkabane said the funds allocated to the National Student Financial Aid Scheme (NSFAS) were sufficient to meet the growing demand for access to higher education. NSFAS was allocated R48.7 billion, and its allocation will increase to R51 billion next year and R53.4 billion in 2027. She also said NSFAS remained committed to implementing a comprehensive student funding model for higher education to address the needs of the 'missing middle'. 'The National Skills Fund has set aside R3 billion over a three-year period.' Nkabane said the allocation for university education increased from R91.7 billion to R96 billion, with a R1.4 billion deficit on the universities' budget. 'We continue to work with the National Treasury to find a sustainable adjustment to the universities' budget,' she said. Tebogo Letsie, ANC MP and chairperson of the Higher Education Portfolio Committee, said they would ensure that the department, NSFAS, and universities were accountable. Letsie took a swipe at the DA for its stance to reject the department's budget because they don't believe Nkabane should be the minister. 'When you vote in 2026, remember them, they will be saying your poor child must not go to school and university because they have a problem with the minister,' he added. MK Party MP Mnqobi Msezane said they rejected the budget because they don't have confidence in the Ministry and Director-General Nkosinathi Sishi, who they claimed faced allegations of gross misconduct, fraud, and corruption, and was not suspended or investigated by Nkabane. DA MP Matlhodi Maseko said the higher education system was being systematically eroded by incompetence, deception, and the unchecked abuse of power in the system. 'The minister has repeatedly given conflicting representations to this House,' she said in reference to the SETA boards' chairperson appointment scandal and listed other challenges in the department under Nkabane's watch. Maseko said President Cyril Ramaphosa should remove Nkabane without delay. EFF's Sihle Lonzi accused the DA of cherry picking which budget to support and also criticised it for only discovering corruption in the department after former deputy minister Andrew Whitfield was fired from the executive.
