South Africa ties R3.6bn Johannesburg funding to debt plan

National Treasury said it will release funding that’s been withdrawn from dozens of municipalities after they’ve submitted plans on how they’ll pay their debts. The Treasury on Tuesday withheld R13.5-billion from 69 municipalities including Johannesburg, the country’s economic hub, that are struggling to manage their finances. The measure was taken to instil fiscal discipline, reduce irregular and wasteful expenditure and ensure that municipal officials are held accountable, it said.

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