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Eskom crisis looms as R7bn loan from China withheld

Source: My Office News, 07/05/2019


Why haven’t Eskom received the loan?
On Easter Friday, Finance Minister Tito Mboweni was forced to grant
the power giants an emergency bailout in order to meet salary demands
and diesel costs. It’s reported that the CDB has taken note of their
actions, and fear that this particular instalment of their cash will
be used to plug holes, rather than go towards maintenance.
The loan in question will come to R33 billion in total, and it has
been earmarked for the development of the Medupi and Kusile power
plants. The new builds are yet to get up to full speed, and they’re
struggling to produce the amount of electricity needed to keep South
Africa illuminated as more “old units” come to the end of their lifespans.

Load shedding fears resurface
Eskom is very much living hand-to-mouth at the moment. In fact, some
of their biggest critics believe this will be the last week where the
lights stay on: Natasha Mazzone of the DA has accused the firm of
diverting funds from long-term projects in order to keep voters happy
before the general election this Wednesday.
Public Enterprises Minister Pravin Gordhan has also refused to rule
out the return of load shedding this winter, despite unveiling plans
to nip it in the bud at the beginning of April. We’ve already seen how
one defaulted payment can spark a financial crisis, so a second one
within two weeks is a terrible omen for the company… and its consumers.


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