South African finmin says Treasury cannot afford Eskom bailout

Jan 18, 2018

South Africa’s Treasury cannot afford to bail out ailing state-run utility Eskom but will take unspecified action soon to tackle the company’s challenges, Finance Minister Malusi Gigaba said on Thursday.

Eskom, which supplies virtually all of the power for Africa’s most advanced economy, has been embroiled in governance and graft crises and has delayed its interim results, a move that could see trading of its debt suspended on the Johannesburg bourse.

Reporting by Mfuneko Toyana; Writing by Ed Stoddard; Editing by Andrew Roche  (Reuters)

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