Between 2004 and 2008, the government spent around R80 billion in recapitalising enterprises owned by the state, with the bulk of that money going to power utility Eskom and SAA.

There is little clarity on the direction of the policy on state-owned enterprises, that is, whether it is edging towards greater state control or privatisation, and whether more bailouts would be tolerated in the future.

Mathews Phosa, who is the ANC treasurer-general, has said that the ruling party is considering this topic, and that each state-owned entity would have to be individually analysed.

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