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Adoption of Eskom Debt to Come With Conditions

SOUTH AFRICA
  • Former SARB executive Mminele – appointed to lead the roll-out of the $8.5bln climate fund package – has stated the pact will attract significant additional funds from some of the world’s richest nations to help South Africa accelerate its transition away from coal. In an interview, Mminele said there’s scope to “raise quite a lot more as opposed to just the marginal sort of top up”.
  • The conditions for the government’s assumption of Eskom debt are starting to creep through, with BusinessLIVE citing Treasury head Pieterse as saying Eskom would be forced to sell non-core assets and make significant operational improvements as a condition of the deal. Pieterse reiterated that the government could adopt one- to two-thirds of Eskom’s outstanding R400bln debt pile, but a decision is yet to be made.
  • Deputy minister for state security warned of a possible diplomatic incident with the US, after the US embassy in South Africa issued a terror alert on Wednesday. The minister confirmed that there is no immediate threat to national security and no need to panic, adding that the US failed to follow protocol on the alert. The French, Canadian, UK and Australian embassies have now extended the alert.
  • Speaking to lawmakers, finance minister Godongwana confirmed that the government has no policy to create a basic income grant, with the cabinet still focused on the temporary social relief grant used to offset the impact of COVID.
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