Eskom bailout causing big issues for government finances

Bradley Prior

MyBroadband Journalist
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Eskom bailout causing big issues for government finances

The South African government’s decision to increase support for the embattled state power utility is wreaking havoc on the nation’s finances and may force it to increase borrowing and raise the budget deficit.

Finance Minister Tito Mboweni told lawmakers in Cape Town on Tuesday that Eskom Holdings SOC Ltd. will get 26 billion rand ($1.9 billion) this financial year and 33 billion in 2020-21 to help it remain solvent. [Bloomberg]
 

Nephew_

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But lets keep doing things the same way, let the corruption continue, because its your brother, scare investors, and... and ...
 

evilstebunny

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Government finances? Surely you mean corrupt politicians are causing big issues for taxpayer finances?

Either way, this is like the parents ordering a drug dealer for their addicted child to try & get him off drugs.
Everyone will tell them it ain't gonna work, but TIA!
 

Sl8er

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* ululates loudly, while holding a "Send Me" poster with a smiling cyril on it *

+

 

access

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LOL its almost like we are watching a satire sketch but it is in fact real life.

"We want all this stuffs but eh we only pay flat rate of R100 a month, its all we can afford" then only use R100 worth of electricity like every other person in SA who is forced to pay their electricity bills.
do these people need to see what its like when there is nobody to pay for them and they have to do it for themselves. then the next thing is, will it make a difference or will they just carry on living in the mud
 

The Trutherizer

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* ululates loudly, while holding a "Send Me" poster with a smiling cyril on it *

+

Soweto is a lost cause if this guy is the brains of the operation. Give them independence. Their own country. Then they can figure out how to provide the power for R100. It will be a huge saving for the rest of the country. We shouldn't have to be their slaves.
 

MidnightWizard

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Nov 14, 2007
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We shouldn't have to be their slaves.
But but but -- we ARE !
White taxpayers propped up / PAID for ALL the old Bantustans -- the ridiculous idea of the old regime !
White taxpayers are STILL paying -- now propping up / PAYING for the WHOLE country -- the ridiculous "settlement" of the old regime

K@K en BETAAL -- dis die wet van ou Transvaal
 

The_Librarian

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Govt can shave a few Ronts off their expenses by stopping social grants.

derp.
 

krycor

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Yep, the budget speech 2020 is going to be a real hot potato
You think too far in advance.. the mini budget will be pretty damning as they need to explain where the funds for all the bailouts are coming from and how much the deficit has grown and basically what growth rate they anticipate.. i.e. pretty sure we will be downgraded by all three agencies and lose the investment grade from moodys.

While all this is going on they announced that revenue is taking a hit and with PIT at 38%, CIT at 18% and VAT at 24.5%.. last go round last year, i wonder what they will push up next.. me thinks VAT will have to go up by 2% and maybe CIT down slightly.. meh.. ugly tactics in a non-election year. Guess we will find out in october.
 
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LazyLion

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and yet .... still no major policy or procedural changes....
 
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