Eskom will get 26 billion rand of the money this financial year and 33 billion in 2020-21.
Key Insights
President Cyril Ramaphosa announced plans for additional funding for the struggling company last month, without providing details. Finance Minister Tito Mboweni was due to announce the proposal tomorrow.
The funds will come from the Revenue Fund, according to the bill. The government had already approved a 69 billion-rand, three-year bailout for the debt-laden company in February.
Eskom has debt of 440 billion rand and is regarded as the biggest risk to South Africa’s economy. The government has been under pressure to finalize plans to fix the business.
A spokesperson for National Treasury wasn’t immediately able to comment.
