Tshwane out of the red

Tuesday, March 9, 2010

Pretoria - The City of Tshwane's cash-flow problems are a thing of the past, says Mayor Gwen Ramokgopa.

Delivering the State of the City's Address on Tuesday, Ramokgopa said the R700 million bank overdraft which was taken out in 2009 has been repaid in full.

Last year, the City took out a loan of about R800 million to enable it to deliver services to the community. Of the total amount, R700 million was used and has since been repaid.

The cash-flow management interventions implemented by the City in the 2008/09 financial year yielded positive results, she said.

"We would like to thank our residents for their patience during this difficult period in our city which is now behind us.

"We also wish to thank all the financial institutions that believed in us, based on our books and healthy balance sheet, and offered us a facility."