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How Eskom and National Treasury saved taxpayers more than R20bn

The article from Moneyweb discusses how Eskom, South Africa's state-owned power utility, and the National Treasury managed to save taxpayers over R20 billion through strategic financial maneuvers. Eskom, facing significant financial distress, was granted a R254 billion debt relief package by the government in February 2023. This package included converting a portion of Eskom's debt into equity, which not only alleviated immediate financial pressure but also reduced the interest burden on taxpayers. The savings were primarily achieved by not having to pay interest on the converted debt, which would have amounted to billions in additional costs. Furthermore, the Treasury's decision to take over up to R70 billion of Eskom's debt in the 2025/26 financial year was part of a broader strategy to stabilize Eskom's finances, thereby preventing further financial strain on the national budget and ensuring continued electricity supply stability. This approach was seen as a critical step in managing Eskom's unsustainable debt levels while minimizing the fiscal impact on the state.

Read the Full Moneyweb Article at:
[ https://www.moneyweb.co.za/in-depth/budget/how-eskom-and-national-treasury-saved-taxpayers-more-than-r20bn/ ]