The government has absorbed a massive chunk of Eskom’s R423bn debt, providing the ailing power utility with debt relief of R254bn in the next three years.
Image:providing the ailing power utilityThis was one of the major announcements made by finance minister Enoch Godongwana during the tabling of the 2023/2024 budget in parliament on Wednesday.
“Because of the structure of the debt relief, Eskom will not need further borrowing during the relief period. Godongwana’s budget documents also show that since the 2008/09 financial year, when load-shedding first become a phenomenon, “government has provided the utility with R263bn in bailouts”. The power utility would also be expected to prioritise capital expenditure in energy transmission and distribution in the debt relief period.
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