{"id":1109,"date":"2020-12-19T20:18:12","date_gmt":"2020-12-19T20:18:12","guid":{"rendered":"https:\/\/www.africa-press.com\/south-africa\/?p=1109"},"modified":"2020-12-19T20:18:12","modified_gmt":"2020-12-19T20:18:12","slug":"da-to-oppose-desperate-eskom-move-to-access-pensions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/da-to-oppose-desperate-eskom-move-to-access-pensions","title":{"rendered":"DA to oppose \u2019desperate Eskom move\u2019 to access pensions"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>Cape Town \u2013 The Democratic Alliance will oppose what it terms a \u2019\u2019desperate move\u2019\u2019 by Eskom that will \u2019\u2019continue to prevent anyone having a say in how monies are spent\u2019\u2019.<\/p>\n

A holder of Eskom debt, the Public Investment Corporation (PIC), has been approached by the National Treasury to convert about R95 billion of Eskom debt held by the PIC into equity, Ghaleb Cachalia, the DA public enterprises spokesperson, said in a statement on Saturday.<\/p>\n

This was despite Eskom being \u201cin a utility death spiral as well as a debt spiral\u201d, according to Olga Constantatos, head of credit at Futuregrowth Asset Management.<\/p>\n

\u2019\u2019Government had been spending more money than it received for more than a decade and instead of approaching the International Monetary Fund (IMF) for funding or pursuing sensible privatisation options that include strategic private sector equity partners, it appears hell-bent on pressing ahead with a scheme which potentially opens our pension pot \u2013 larger than Germany\u2019s \u2013 to risk,\u2019\u2019 Cachalia said.<\/p>\n

Additional plans involve converting government-guaranteed debt into sovereign bonds. The bulk of Eskom’s debt (R350 billion) is already guaranteed by the government and the swap could put Eskom into technical default.<\/p>\n

The rating agency Standard & Poor\u2019s is on record as saying it would further lower Eskom\u2019s rating should it undertake debt restructuring, which could be tantamount to a default.<\/p>\n

\u2019\u2019The Democratic Alliance will oppose this desperate move which will continue to prevent anyone having a say in how monies are spent \u2013 as an approach to the IMF would entail.<\/p>\n

\u2019\u2019The reality is that state-owned enterprises have failed and should be sold, allowing government to reduce its wage bill and foster an environment conducive to investment and job creation.<\/p>\n

\u2019\u2019The DA will engage global and local experts in the field of electricity utility and debt management to address this issue and expose the folly and dangers of government’s flawed approach \u2013 aimed at ongoing command and control that allows for a continuation of the profligacy that got us to this unenviable position in the first place.<\/p>\n

\u2019\u2019The question is, will the government take responsibility upfront for an increase in debt servicing costs, occasioned by a further downgrade of Eskom\u2019s rating in the event of this hare-brained scheme coming to fruition?\u2019\u2019<\/p>\n

IOL<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Cape Town \u2013 The Democratic Alliance will oppose what it terms a \u2019\u2019desperate move\u2019\u2019 by Eskom that will \u2019\u2019continue to prevent anyone having a say in how monies are spent\u2019\u2019. A holder of Eskom debt, the Public Investment Corporation (PIC), has been approached by the National Treasury to convert about R95 billion […]<\/p>\n","protected":false},"author":84,"featured_media":1108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,275],"class_list":["post-1109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-south-africa-2"],"yoast_head":"\nDA to oppose \u2019desperate Eskom move\u2019 to access pensions - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/da-to-oppose-desperate-eskom-move-to-access-pensions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DA to oppose \u2019desperate Eskom move\u2019 to access pensions\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. Cape Town \u2013 The Democratic Alliance will oppose what it terms a \u2019\u2019desperate move\u2019\u2019 by Eskom that will \u2019\u2019continue to prevent anyone having a say in how monies are spent\u2019\u2019. 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