CAPE TOWN - South Africa’s President Cyril Ramaphosa pledged on Thursday to speed up 230 billion rand of support for ailing power utility Eskom, which he said was too vital to be allowed to fail.
National Treasury Director-General Dondo Mogajane told Reuters the government hopes parliament will approve the bill before the end of August. “We need to focus on those actions that will have the greatest impact,” he said in the speech. “Our economy is not growing. Not enough jobs are being created. This is the concern that rises above all others”.
Fixing Eskom and other loss-making state-owned firms such as South African Airways is seen as critical to shoring up confidence among the investors South Africa relies on to finance its current account and budget deficits — the latter is projected to rise to 4.5% of GDP this fiscal year.
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