{"id":34649,"date":"2022-08-01T16:54:56","date_gmt":"2022-08-01T16:54:56","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/godongwana-hints-state-could-take-on-some-of-eskoms-huge-debt-to-make-soe-sustainable"},"modified":"2022-08-01T17:11:01","modified_gmt":"2022-08-01T17:11:01","slug":"godongwana-hints-state-could-take-on-some-of-eskoms-huge-debt-to-make-soe-sustainable","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/godongwana-hints-state-could-take-on-some-of-eskoms-huge-debt-to-make-soe-sustainable","title":{"rendered":"Godongwana hints state could take on some of Eskom’s huge debt to make SOE sustainable"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Finance Minister Enoch Godongwana has given the strongest indication yet that the government is to shoulder a portion of Eskom\u2019s monumental R396 billion debt, in a bid to ease the burden on the struggling utility\u2019s balance sheet.<\/p>\n

Earlier this month, Eskom\u2019s chief executive Andr\u00e9 de Ruyter said the struggling power utility would only be sustainable, if its debt was reduced to R200bn.<\/p>\n

Speaking at a media briefing today, Godongwana said the National Treasury would be tabling its proposal at the next Cabinet Lekgotla as it was still deciding how much of the debt it can take on.<\/p>\n

Godongwana said there was an accepted issue even in the capital markets that Eskom\u2019s debt was unsustainable, and that it posed a risk to the sovereign.<\/p>\n

\u201cTo avoid that sovereign risk we have got to step in. That principle is kind of agreed (on) and we will be going to the Cabinet lekgotla in the first week of September with that proposal to deal with the debt issue,\u201d Godongwana said.<\/p>\n

\u201cWhat has not been settled on currently is the quantum of that (debt), and as to how much will be taken by the sovereign, but the principle is there\u2026<\/p>\n

\u201cAt the moment, both Treasury officials and Eskom officials are developing scenarios which we will table before the Cabinet.<\/p>\n

\u201cSo the principle is settled, which we are taking to the Cabinet lekgotla in due course. The final quantum and the scenarios, and the conditions precedent and the conditions post the transaction will also be dealt with on October, 26 in the Medium-Term Budget Policy Statement,\u201d the minister said.<\/p>\n

South Africa\u2019s sovereign debt burden currently stands at R4.35 trillion, or about 70 percent of GDP, with debt-service costs averaging R330bn annually.<\/p>\n

The National Treasury has been reluctant to take Eskom debt onto the sovereign balance sheet, fearing that it would trigger a credit ratings crisis, but has continued providing it with annual cash transfers to cover debt costs.<\/p>\n

However, the International Monetary Fund (IMF) in June advised the government to \u201cdownsize Eskom\u2019s balance sheet, and restore its commercial sustainability\u201d.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Finance Minister Enoch Godongwana has given the strongest indication yet that the government is to shoulder a portion of Eskom\u2019s monumental R396 billion debt, in a bid to ease the burden on the struggling utility\u2019s balance sheet. Earlier this month, Eskom\u2019s chief executive Andr\u00e9 de Ruyter said the struggling power utility would […]<\/p>\n","protected":false},"author":84,"featured_media":34648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[274,315,127,2908,2907,275],"class_list":["post-34649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-eskom","tag-finance-minister-enoch-godongwana","tag-godongwana","tag-south-africa-2"],"yoast_head":"\nGodongwana hints state could take on some of Eskom's huge debt to make SOE sustainable - South Africa<\/title>\n<meta name=\"description\" content=\"Finance Minister Enoch Godongwana has given the strongest indication yet that the government is to shoulder a portion of ...\" \/>\n<meta name=\"robots\" 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