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Eskom to borrow money from Chinese Development Bank - NUM

Government has given Eskom a R69 billion bailout while it struggles to pay off its debt of over R420 billion.

Eskom flags. Picture: EWN.

JOHANNESBURG - The National Union of Mineworkers (NUM) president Joseph Montisetse says Eskom's financial problems are so severe that the utility now has to borrow money from the Chinese Development Bank.

On Sunday, the City Press reported that the NUM was told by President Cyril Ramaphosa there was a possibility that the utility would not be able to pay salaries next month.

Last week, NUM leaders met with Ramaphosa Energy Minister Jeff Radebe and Public Enterprises Minister Pravin Gordhan to discuss ways to rescue the parastatal.

Eskom and the union have both denied the claims.

Montisetse said concerns were raised as Eskom wants to borrow more money to pay salaries.

“He emphasised Eskom’s debts are going to go up as Eskom continues to borrow more money to continue its business, and that there is no doubt that Eskom is hitting rock bottom in terms of its operational expenses.”

Government has given Eskom a R69 billion bailout while it struggles to pay off its debt of over R420 billion.

(Edited by Mihlali Ntsabo)

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