Eskom gets R184bn in loans with Eskom Debt Relief Act
Eskom will receive R184 billion in loans from National Treasury until 2025.This Act has been signed as things at Eskom start to stabilise, or at least that’s what it looks like from the outside looking in.into law and it became the Eskom Debt Relief Act 7 of 2023.
As far as acts go, this one is rather short and succinct, but it gives Eskom access to a huge amount of money that is meant to be used to right the sinking ship. The Act gives National Treasury the ability to give Eskom the following amounts from the National Revenue Fund, provided Eskom meet certain conditions.R66 billion for the 2024/25 financial year,That amounts to R184 billion over the course of three years. To pay these loans back, Eskom will need to give National Treasury ordinary shares in the company that are worth the loaned amount. However, the utility will also need to meet certain conditions both before and after the loans are issued.
With Eskom’s total assets and liabilities being worth R833 billion as of September 2022, and income for six months in that same period at R5.8 billion National Treasury will own a nice portion of Eskom if all the pieces fall into place as intended.
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