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Ramaphosa 'favourably disposed' to Cosatu proposal on Eskom debt

Union group Cosatu proposed this week that state-owned asset manager the Public Investment Corporation (PIC) and local development finance institutions help lower Eskom’s debt by around R250 billion.

FILE: President Cyril Ramaphosa addressing a media briefing  at Megawatt Park, Johannesburg. Picture: Kayleen Morgan/EWN

JOHANNESBURG - President Cyril Ramaphosa is “favourably disposed” to a proposal by South Africa’s largest trade union federation on lowering the debt of struggling state power utility Eskom, spokeswoman Khusela Diko told Reuters.

Union group Cosatu proposed this week that state-owned asset manager the Public Investment Corporation (PIC) and local development finance institutions help lower Eskom’s debt by around R250 billion ($16.97 billion).

Ramaphosa thinks that any steps taken on Eskom’s debt “should not undermine the investment mandates of the PIC or other affected institutions,” Diko added.