“It is heartbreaking that the city’s main entities are financially on their knees with unsustainable overdrafts such as City Power on R8bn negative cash balance. How do we fix a city that has financially collapsed?”
Morero blamed the outgoing DA-led administration for causing the mess in its last 10 months in power, calling its stint a time of “golden promises” with devastating outcomes.
Thanks to the DA, he charged, the city was financially unstable but he and his administration would hit the ground running to restore stability and sustainability.
“As the incoming administration we will immediately review and restructure the balance sheets of the ailing municipal entities to put them on a solid financial position,” said Morero.
“The city’s debt position requires an in-depth analysis and where appropriate and needed, we will collaborate with financial institutions to bring back the debt level of the city to an affordable and sustainable level.
“We must immediately activate the Financial Development Plan to strengthen the city’s finances and improve its credit rating to reduce the finance costs.”
Morero added his administration will also prioritise the energy crisis and speed up service delivery.
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New Joburg mayor promises to fix city's finances
Image: Veli Nhlapo
New Joburg mayor Dada Morero has promised to turn around the city's dire financial situation.
Morero was delivering his first speech after his election on Friday after the ousting of Mpho Phalatse.
Morero said the metro and its entities were in a dire straits.
WATCH | ANC's Dada Morero elected Joburg mayor
“It is heartbreaking that the city’s main entities are financially on their knees with unsustainable overdrafts such as City Power on R8bn negative cash balance. How do we fix a city that has financially collapsed?”
Morero blamed the outgoing DA-led administration for causing the mess in its last 10 months in power, calling its stint a time of “golden promises” with devastating outcomes.
Thanks to the DA, he charged, the city was financially unstable but he and his administration would hit the ground running to restore stability and sustainability.
“As the incoming administration we will immediately review and restructure the balance sheets of the ailing municipal entities to put them on a solid financial position,” said Morero.
“The city’s debt position requires an in-depth analysis and where appropriate and needed, we will collaborate with financial institutions to bring back the debt level of the city to an affordable and sustainable level.
“We must immediately activate the Financial Development Plan to strengthen the city’s finances and improve its credit rating to reduce the finance costs.”
Morero added his administration will also prioritise the energy crisis and speed up service delivery.
TimesLIVE
Support independent journalism by subscribing to the Sunday Times. Just R20 for the first month.
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