Government has given Eskom a R69 billion bailout while it struggles to pay off its debt of over R420 billion.
JOHANNESBURG - The National Union of Mineworkers president Joseph Montisetse says Eskom's financial problems are so severe that the utility now has to borrow money from the Chinese Development Bank.
On Sunday, the City Press reported that the NUM was told by President Cyril Ramaphosa there was a possibility that the utility would not be able to pay salaries next month. Last week, NUM leaders met with Ramaphosa Energy Minister Jeff Radebe and Public Enterprises Minister Pravin Gordhan to discuss ways to rescue the parastatal.Montisetse said concerns were raised as Eskom wants to borrow more money to pay salaries.
“He emphasised Eskom’s debts are going to go up as Eskom continues to borrow more money to continue its business, and that there is no doubt that Eskom is hitting rock bottom in terms of its operational expenses.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Development Bank to lend Eskom billionsEskom has already used more than R5 billion in just under a year on diesel.
Read more »
New Development Bank: R11bn loan to help Eskom improve capacity challengesThe parastatal's ailing infrastructure has set the scene for the country’s worst controlled power outages with stage 4 load shedding going on its sixth consecutive day.
Read more »
BRICS bank to lend Eskom billions to alleviate pressure on SA gridThe New Development Bank plans to lend as much as R11.2bn ($780 million) at current exchange rates to Eskom for infrastructure projects this year as the ailing South African power utility battles to keep power supply steady.
Read more »
Suzanne Daniels accepts 'guilt' for wasting public money while at EskomFormer Eskom legal head Suzanne Daniels has admitted it was wrong for her to sign off on the payment of legal fees for then chairperson Ben Ngubane in a matter relating to his time at the SABC.
Read more »
Alleged missing Eskom money proof that #loadshedding was avoidable: DA | IOL News'Reports alleged that funds meant for vital maintenance of power plants were diverted to the Kusile power station and other ...
Read more »
Eskom close to not paying staff salariesPresident Cyril Ramaphosa warned that the situation at Eskom was so bad that it was possible the parastatal would not be able to pay salaries at the end of next month.
Read more »
Eskom: No load shedding anticipated this weekEskom announced that there will be no load shedding this week as the electricity system is 'gradually improving'
Read more »
No load shedding anticipated this week – EskomLoad shedding will only be implemented when absolutely necessary.
Read more »