The Land and Agricultural Development Bank of South Africa (Land Bank), which defaulted on its debt obligations on April 1, 2020, and is renegotiating it repayment terms, will receive R7-billion in recapitalisation over the medium term to put it on a stable and sustainable development path, the 2021 Budget, presented by Finance Minister Tito Mboweni on February 24, indicates. The Budget indicates a recapitalisation of R5-billion in 2021/22, to be funded through reprioritisation, and another R1-billion for each of 2022/23 and 2023/24 for the Land Bank. The 2021 Medium Term Budget Policy Statement (MTBPS) will confirm the sources of reprioritisation to accommodate this requirement.
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