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'If we want to keep SA food secure it is critical to keep Land Bank alive'

21 May 2020 7:38 AM
Tags:
Land Bank
Treasury
R20 billion
Agricultural economist Andrew Makenete and Scoa's Sfiso Buthelezi reflect on the bank's request of R22 billion from Treasury.

In a virtual meeting held with Parliament’s Standing Committee on Appropriations on Thursday, the Land Bank has asked Treasury for R22 billion to recapitalise the cash-strapped state-owned entity.

The bank has asked this after it triggered a default last month when it was not able to repay maturing loans.

RELATED: 15 000 farmers to receive R500m from Agricultural Disaster Fund

This default resulted in lenders refusing to lend more and to roll over loans that were maturing.

Bongani Bingwa chats to Land Bank former member and agricultural economist Andrew Makenete and Standing Committee on Appropriations (Scoa) chairperson Sfiso Buthelezi to give more insight on the matter.

The reality at the Land Bank is far worse than it has been reported as the issues of the bank come from a very long time ago.

Andrew Makenete, Former member and agricultural economist - Land Bank

He says the big issue at the bank is the liquidity crunch as the bank is struggling to pay its creditors which is putting the bank under extreme pressure, he says.

The DG of Treasury and the minister himself all expressed the need for the Land Bank, we are talking about an institution that is well over 100 years old and that plays a significant role in keep South Africa's food secured. If we want to keep South Africa food secure it is critical to keep the Land Bank alive.

Andrew Makenete, Former member and agricultural economist - Land Bank

Buthelezi says the effect of the drought has also affected where the Land Bank finds itself.

Some commercial farmers were unable to meet their financial obligations which impacted on the ability of the bank to pay its lenders.

Sfiso Buthelezi, Chairperson - Standing Committee on Appropriations

Listen below to the full conversation:


21 May 2020 7:38 AM
Tags:
Land Bank
Treasury
R20 billion

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