Municipal debt owed to Eskom is out of control; expect no good news from the budget statement today; the National State Enterprises Bill is flawed; and SA’s construction sector is in trouble.
Municipal debt owed to Eskom, including interest, increased by R13.7 billion to R58.5 billion, while payment rates from municipalities have continued to decrease to 76%. The top 20 defaulting municipalities pay less than half of their invoiced amount, with a 46% payment level. Some municipalities are completely insolvent and are not raising sufficient revenue to meet their operational activities, said Electricity Minister Kgosientsho Ramokgopa.
said the local sector is grappling with multiple headwinds, ranging from marauding construction mafias and skills shortages to slow progress in infrastructure development, and has called on the government to act swiftly to quell these deterrents to business and investor confidence. chair Louwtjie Nel said these issues have resulted in the industry having shrunk nearly 40% over the past six years. [ South Africa’s rand strengthened against the dollar on Tuesday as investors await the government’s mid-term budget statement today . On Wednesday, the rand was trading at R18.69 to the dollar, R22.69 to the pound and R19.75 to the euro. Oil is trading at $87.41 a barrel.
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