Business Maverick: Eskom `Is Not on the Brink of Financial Collapse,’ Gordhan Says

Public Enterprises Minister Pravin Gordhan defended Eskom after after documents last week showed the state was forced to pay R5 billion in emergency funds so that Eskom Holdings SOC Ltd. — which is battling with declining revenue, higher costs, and keeping the lights on — could meet obligations.

“We have had an extreme financial difficulty as a result of state capture — the damage that has been caused has been huge,” Gordhan said on Johannesburg-based Talk Radio 702. He was referring to the process in which billions of rand have been looted from government coffers through the use of political connections to secure appointments of allies to key state posts and win contracts. “We understand what changes need to be made.

The government announced a record R69 billion bailout for Eskom in February to be paid over three years. Of that, R23 billion is pledged for the current financial year. Based on the 2 percent limit of the appropriated national budget, only R17.7 billion rand can be transferred. The remaining balance will have to be subjected to the normal appropriation process when parliament is constituted after the May 8 election.

The R23 billion payout required a special bill that hadn’t been presented to parliament before lawmakers finished business ahead of next month’s vote. The National Treasury had aimed to make the payment between August and October.

Agreed. It is WAY beyond that already. Had it not been for its corrupt benefactor .............🤔

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Business Maverick: Saudis Pledge to Ensure Oil Supply if Iran Exports CollapseSaudi Arabia will coordinate with other crude producers to ensure that adequate supplies are available and the market “does not go out of balance,” Energy Minister Khalid Al-Falih said, after the U.S. ended waivers for buyers of Iranian oil.
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »

Business Maverick: SA Decline Worst of Nations Not at War, Model ShowsSouth Africa’s performance on a range of social, economic and governance measures deteriorated more in the past 12 years than any other nation not at war, according to Eunomix Business & Economics Ltd. please give us another chance MYANC such an achievement. Thanks to the ANC. But don’t for one moment think that the EFF will be saviors. They will be worse. This says it ALL!
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »

Business Maverick: S. Africa Reserve Bank Says Too Early to Claim Inflation WinSouth Africa’s central bank says it’s premature to claim victory in the war against inflation and sees price growth stabilizing at 4.5 percent only by the end of 2021.
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »