SOUTH AFRICA’S GIGABA SAYS HE WON’T RISK STATE PENSIONS

South Africa’s Finance Minister Malusi Gigaba said he won’t ask Africa’s biggest money manager to provide funds to bail out state-owned companies that will put the Pensions of government workers at risk.

According to Gigaba recently in Preotria, “there is no attempt to dip into pensions for reasons that are unscrupulous”

The Pretoria based Pic handles pension funds for South African state workers including nurses and teachers. The Pic currently has almost 1.9 trillion Rand in assets.

The treasury is in talks about how to fund South Africa Airways after Citigroup refused to extend the repayment period of 1.5 billion Rand loan.

The Pic has done due diligence on the airline but the carrier fell short of the money manager’s investment criteria.

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