Extending the grant by just one year would cost at least 50 billion rand, and that isn’t accommodated for in the current fiscal framework, the Treasury said in a document seen by Bloomberg that delves into the financial pressures it’s confronting as it prepares next month’s budget update. Reallocating funds from other programs could potentially only generate about 21.2 billion rand, and the alternative of providing grants to caregivers and job-seekers could be considered, it said.

“There should be no substantial change to the current fiscal strategy,” the document reads. “Restoring fiscal sustainability over the medium term remains the key focus.”

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Finance Minister Enoch Godongwana is set to deliver the budget update on Oct. 26, and it’s unclear whether the Treasury’s views will prevail. The Treasury declined to comment on the document.

“Discussions are ongoing and those issues are normally dealt with by the minister during the medium-term budget policy statement in October or annual national budget in February,” it said in response to emailed questions.

The document contains details of the additional funding being sought by state companies. They include:

• National airline South African Airways, which has requested 3.5 billion rand.
• Arms company Denel SOC Ltd., which has asked for 3.4 billion rand.
• Port and freight rail operator Transnet SOC Ltd., which is seeking 2.9 billion rand.
• The South African Post Office, which says it needs 2.4 billion rand.

The Treasury also warned that four companies pose a 236.6 billion rand “fiscal risk” to the state, with Eskom Holdings SOC Ltd. — which hasn’t formally requested additional funding — accounting for 200 billion rand. The power utility owes 396 billion rand and doesn’t generate enough income from electricity sales to fund its operating costs and interest payments, leaving it dependent on bailouts to survive.

The Treasury didn’t express a view in the document on whether the funding requests will be granted, or indicate whether it intends taking over part of Eskom’s debt — an option that has been previously flighted.

“Fiscal risks are massive and debt dynamics remain very unfavorable,” the Treasury said. “To the extent that government fails to manage its risks appropriately, such failure should not be masked by not observing the hard budget constraint, including for social spending.”