Government will relinquish control of the loss-making national airline and give it an additional bailout in a bid to stave off liquidation.
Browsing: Pravin Gordhan
Andre de Ruyter has been appointed as CEO of Eskom, the debt-strapped utility that provides about 95% of the nation’s electricity and poses the biggest threat to its economy.
While the government pledged to name a new head of Eskom by the end of October, it’s missed repeated deadlines to act, evidence of how politically fraught the process has been.
National treasury wants to forge ahead with long-stalled plans to sell state assets to shore up the nation’s shaky finances despite opposition from other government departments and labour unions.
South Africa has unveiled its long-awaited plan to save its debt-stricken state power utility, including exposing it to greater competition, lowering fuel costs, increasing renewable energy output and selling non-core assets.
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While the immediate causes of the generation crisis at Eskom are well known, the emergency it found itself in this week has been some time coming.
South Africa has been promising for months to fix Eskom. While little tangible progress has been evident so far, several key decisions are due to be taken this month.
Eskom, labouring under R450-billion of debt, has sought advisers on how to implement a government bailout seven months after President Cyril Ramaphosa said the company would be reorganised.
Government is intent on ensuring the embattled Eskom becomes a sustainable entity and will consult with its debt holders on any reorganisation, public enterprises minister Pravin Gordhan said.