South Africa's government will have to cut expenditure substantially if the South African Revenue Service (SARS) does not meet its revenue target, Finance Minister Enoch Godongwana told Reuters on Thursday.

South Africa’s transport ministry with the concurrence of the minister of finance agreed to provide a 51 billion-rand ($2.8 billion) guarantee facility to Transnet SOC Ltd., the nation’s beleaguered rail and ports operator.

Banks in South Africa are compelled to report large cash transactions, but posts claiming authorities have imposed new, more onerous withdrawal limits that require mandatory flagging are false. The South African Reserve Bank (SARB) and the Financial Intelligence Centre (FIC) denied overhauling existing regulations and refuted the claim.

South Africa's government has agreed to give ailing state-owned logistics group Transnet a 51 billion rand ($2.8 billion) guarantee facility, the transport ministry said on Thursday.