Balance sheet is so anaemic that it is relying on asset revaluations, deferring creditors and salary reductions to meet debt covenants
Michael Sachs, former head of the National Treasury's budget office, has never been one to mince his words, and I’m told while his utterances irk a few in the Treasury — especially when it comes to the basic income grant debate — he nailed it when he told the “On the Record” gathering at Media24 that the country is “drowning, and the struggle we are in right now is to reach surface water”.
It may already be too late given the global inflationary and interest rate storm clouds. So far much has been made by the president of his diagnosis of the problems, and while slow progress is being made in energy and rail reform — so vital to our farmers and miners — our primary industrial base, key export earners and currency support, has run off track. ..
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