Tshwane MMC for Finance, Jacqui Uys speaks to The Citizen at Tshwane House in Pretoria, 14 February 2024. Picture: Neil McCartney / The Citizen
“Moody’s has confirmed the city’s Caa2 long-term issuer rating and its Caa2 BCA and its Caa1.za NSR long-term issuer rating. This is a positive development that will assist the city as we work to stabilise our finances,” she said.
“Far from this report being the inflection point in the financial outcomes of this city as the coalition claims it to be, the positive financial results are simply not there to back it up. “Fruitless and wasteful expenditure is over R1 billion, irregular spending is up to R1.5 billion. We added a whopping R 1.7 billion to the unpaid invoiced creditors at the end of the year, more than what was left unpaid the year before.Middleburg said it meant creditors will be paid from this year’s budget instead of it being used to meet budgeted objectives.