South Africa Treasury Withholds July Funding From Johannesburg and Dozens of Municipalities
Updated
Updated · Bloomberg · Jul 7
South Africa Treasury Withholds July Funding From Johannesburg and Dozens of Municipalities
3 articles · Updated · Bloomberg · Jul 7
Summary
Johannesburg and dozens of other municipalities will have state funding withheld this month after South Africa’s National Treasury found they had failed to manage their finances properly.
The Treasury said the move is meant to enforce fiscal discipline, curb irregular and wasteful expenditure, and hold municipal officials accountable.
Johannesburg was singled out in the report over its wage bill, underscoring the pressure on local governments whose spending has outpaced sound financial controls.