{"id":61515,"date":"2024-02-22T11:44:57","date_gmt":"2024-02-22T11:44:57","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year"},"modified":"2024-02-22T11:55:01","modified_gmt":"2024-02-22T11:55:01","slug":"treasury-cuts-eskom-bailout-package-by-r2-billion-a-year","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year","title":{"rendered":"Treasury cuts Eskom bailout package by R2 billion a year"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s state power utility will lose a portion of the debt relief it was previously allocated by the National Treasury after it failed to meet the attached conditions.<\/p>\n

The government will transfer R76 billion and R64.2 billion in the current and next fiscal year, respectively, to Eskom, according to the Budget Review published by the Treasury in Cape Town on Wednesday.<\/p>\n

\u201cTransfers in each of these years are R2 billion lower than projected as a result of the entity\u2019s failure to conclude disposal of the Eskom Finance Company, as stipulated in the debt-relief conditions,\u201d it said.<\/p>\n

The decision shows the Treasury is holding a firm line on only providing relief to debt-stricken state companies if they meet strict criteria, including implementing recovery plans and selling non-core assets.<\/p>\n

The government granted Eskom a R254 billion debt-relief package last year to help the utility strengthen its financial position and repair and upgrade power plants in order to end daily outages that have crimped economic growth.<\/p>\n

The Treasury is working with the International Finance Corp., the World Bank\u2019s private lending arm, on \u201cshort-term options for off-balance sheet financing\u201d to accelerate private-sector investment in South Africa\u2019s transmission network \u201cwithout negatively affecting Eskom\u2019s balance sheet and the fiscus\u201d according to the Budget Review.<\/p>\n

A pilot project will be implemented to test market appetite for the plan, with a request for proposals expected by the end of July, it said.<\/p>\n

The Treasury made no mention of a report by German consultants Vgbe Energy that made recommendations on how Eskom\u2019s coal-fired power plants can improve on operational inefficiencies.<\/p>\n

Godongwana previously said the proposals would be actioned after being considered by the utility, which received the report late last year.<\/p>\n

Separately, the Treasury said it\u2019d granted state port and freight rail operator Transnet approval to use only R14 billion in debt guarantee \u2013 out of a total R47 billion that it was granted late last year \u2013 to pay off maturing loans in the four months through March.<\/p>\n

\u201cThis is to ensure that Transnet implements the short-term initiatives in the recovery plan and aligns it with the cabinet-approved roadmap for freight logistics,\u201d according to the Budget Review.<\/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. South Africa\u2019s state power utility will lose a portion of the debt relief it was previously allocated by the National Treasury after it failed to meet the attached conditions. The government will transfer R76 billion and R64.2 billion in the current and next fiscal year, respectively, to Eskom, according to the Budget […]<\/p>\n","protected":false},"author":84,"featured_media":61514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-61515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nTreasury cuts Eskom bailout package by R2 billion a year - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s state power utility will lose a portion of the debt relief it was previously allocated by the National Tr ...\" \/>\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\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Treasury cuts Eskom bailout package by R2 billion a year\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s state power utility will lose a portion of the debt relief it was previously allocated by the National Tr ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-22T11:44:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-22T11:55:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1708590197.630475.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Treasury cuts Eskom bailout package by R2 billion a year\",\"datePublished\":\"2024-02-22T11:44:57+00:00\",\"dateModified\":\"2024-02-22T11:55:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year\"},\"wordCount\":387,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1708590197.630475.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/treasury-cuts-eskom-bailout-package-by-r2-billion-a-year\",\"name\":\"Treasury cuts Eskom bailout package by R2 billion a year - 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