South Africa’s President Cyril Ramaphosa pledged on Thursday to speed up 230 billion rand of support for ailing power utility Eskom, which he said was too vital to be allowed to fail.
A trade union leader turned businessman, Ramaphosa replaced scandal-hit predecessor Jacob Zuma as president in February 2018 and then was elected president after his party won a majority in May 8 parliamentary elections. The economy slumped by 3.2% in the first three months of 2019. Unemployment — which has remained stubbornly high a quarter century after the end of white minority apartheid rule — is at a 15-year peak of 27%, as more and more young people enter the job market each year.
Fixing Eskom and other loss-making state-owned firms such as South African Airways is seen as critical to shoring up confidence among the investors South Africa relies on to finance its current account and budget deficits — the latter is projected to rise to 4.5% of GDP this fiscal year. “The Reserve Bank must pursue independently, without fear, favour or prejudice,” Ramaphosa said, re-affirming his rejection of that call.
And YESS he did so much to save eskom. I very well remember this article of almost 5 years ago. Give him another 5 and he'll fixit. He's very very hands on, on his bankaccounts, house in Fresnaye and his business. For the rest ? F the poor and the entire country.
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