cosatuBloomberg reports that the Congress of South African Trade Unions (Cosatu) expects a plan that it’s proposing to save Eskom from its debt burden to be ready within weeks.  

The union federation has proposed using the state pension fund manager, the Public Investment Corporation (PIC), and government-owned development finance institutions to cut the power utility’s debt by R254-billion to R200-billion.  While there was initially some disagreement within Cosatu as some affiliated unions were concerned about the plan, consultations have now been held, Cosatu’s Matthew Parks indicated.  The matter was also discussed at the Presidential Working Committee, where labour, business and other stakeholders were represented, on Monday.  Cosatu and Business Unity SA (Busa), the main business lobby group, had previously said they’d hoped a pact on the Eskom bailout would be announced in last month’s state-of-the-nation address, but this was moved out to allow for more consulting.


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