South Africa
RAF posts R3.2bn surplus for 2020/2021 financial year─── 17:17 Mon, 07 Jun 2021
The Road Accident Fund (RAF) says it posted a surplus of R3.2 billion for the 2020/2021 financial year. This follows a deficit of R5.2 billion the previous year.
The entity has been battling financially over the years as a result of more claims from road crashes as well as fraudulent claims.
The gradual stabilising of the entity has been attributed to a new board that was appointed 18 months ago.
Transport Minister, Fikile Mbalula, made the announcement during a media briefing in Pretoria on Monday.
“It is clear that the decrease in finance and administrative costs from R209 million in 2020 to R90 million in 2021, was a significant contributing factor. This is testament to the RAF 2020/25 strategic plan which prioritises reducing administrative costs.”
