South Africa Has a Sovereign Debt Problem - Its Name Is Eskom

Jamie McKane

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South Africa Has a Sovereign Debt Problem - Its Name Is Eskom

A financial crisis confronting South Africa’s state power utility has become a national debt problem.

Finance Minister Tito Mboweni Tuesday unveiled a second multi-billion dollar bailout for Eskom Holdings SOC Ltd. within five months, aid that may force the cash-strapped government to increase borrowing and taxes.

[Bloomberg]
 

eg2505

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and what else is new?

grass is green? sky is blue?

people wasting money on lost causes.

soon enough we will be a failed state with all these shenanigans.
 

BBSA

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South Africa Has a Sovereign Debt Problem - Its Name Is Eskom

A financial crisis confronting South Africa’s state power utility has become a national debt problem.

Finance Minister Tito Mboweni Tuesday unveiled a second multi-billion dollar bailout for Eskom Holdings SOC Ltd. within five months, aid that may force the cash-strapped government to increase borrowing and taxes.

[Bloomberg]
They can fix this by selling the power stations on auctions and pay of their debts.
 

Gordon_R

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I thought we were going to get a sovereign wealth fund? What happened: https://mybroadband.co.za/forum/threads/oil-and-gas-find-could-help-sa-set-up-sovereign-wealth-fund-says-mantashe.1013186/
Minister of Mineral Resources Gwede Mantashe told the National Assembly that South Africa's recent oil and gas find had great potential to offer the country energy independence, economic growth and jobs.

Mantashe was addressing Members of Parliament during a plenary of oral replies to their questions on Wednesday afternoon.

Total announced during the 2019 Mining Indaba that it had found offshore gas deposits at its Brulpadda prospects in the Outeniqua basin, some 175km off the coast of South Africa.
 

SeRpEnT

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Like a black hole sucking up $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ad infinitum.
 

system32

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440 billion-rand = R440,000,000,000
ZA Population = 57,725,600
Per person = R7,622.27
Just insane.
 

system32

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Like a black hole sucking up $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ad infinitum.
Amost a black hole, CO2 and particulates are still escaping.

Kendal has broken scrubbers:
1563972078417.png
 
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ForceFate

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and what else is new?

grass is green? sky is blue?

people wasting money on lost causes.

soon enough we will be a failed state with all these shenanigans.
Not if you have a certain degree of colour blindness.:)
 

lsheed_cn

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This is from the 2018 SARS report.
View attachment 688063
https://www.sars.gov.za/AllDocs/Documents/Tax Stats/Tax Stats 2018/Tax Statistics 2018 Highlights booklet.pdf
So a quarter of all taxable income for a year, note that's not what was actually paid in taxes.

Here it is from the excel sheet:
View attachment 688067
Registered / Assessed Taxpayers != Those paying taxes.

Around 800k actual taxpayers that contribute the majority of our tax.
Those 800k earning more than R500,000 per year pay >61% of the total income tax bill.
The others portions contribute ever smaller portions; Most of the them are under the taxable limits, or even worse - government employee's, so a nett loss to the taxpayer.


Go google the excellent who pays South Africa's taxes, which is on Rolling Alpha.
The main one is here -
http://www.rollingalpha.com/2015/10/22/but-who-pays-south-africas-tax/

There is a series here
http://www.rollingalpha.com/who-pays-south-africas-tax/

Basically, we're hosed., as the actually taxpayers are leaving in droves to other countries, what with scapegoating, threats to steal property, theft by corruption, and all that jazz.
 
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