Eskom received emergency bailout in early April
Cape Town - Parliamentary documents came to light on Friday showing Eskom received an emergency bailout through National Treasury in early April, and will need further financial assistance at the end of the month.
The delay meant that Eskom was unable to meet obligations that became due at the end of March, Mboweni wrote. Mboweni explained that the first tranche of financial relief for Eskom of R69 billion over three year announced in his national budget in February, had not been available because Parliament rose ahead of the May elections before a special appropriations bill could be processed by the legislature.
Mboweni said the problem arose because Eskom was not able to draw down R7 billion from the China Development Bank loan because of "central bank exchange control requirements." The money was expected on March 25 and it is not clear from his missive whether it has since been released.
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