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South Africa: Cash for Eskom, but ratings agencies remain to be convinced

South African finance minister Tito Mboweni did not shy away from difficult decisions when he delivered the national budget on 20 February. Grasping the bull by the horns, Mboweni said the government had set aside R23bn ($1.7bn) every year for three years to shore up Eskom’s balance sheet, wiping out savings in other areas, while planning to appoint a board for a successor transmission utility by mid-year. More than that, the budget review reiterated that strategic equity partners would be sought for the new company.

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