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Bloomberg reports that the ANC’s economic transformation committee has suggested that pension funds should take over some of the assets of state-owned Eskom.
The proposal to transfer parts of heavily indebted Eskom Holdings into non-state hands was made in a discussion document, dated 8 July, that considered responses to the coronavirus-induced economic slump. The ANC’s trade union allies oppose privatisation of Eskom assets. The committee indicated: “There is a need for continued support for Eskom to overcome its immediate financial and technical challenges and to ensure reliable electricity supply. A solution needs to be found to Eskom’s debt problem, including the possibility of pension funds being mobilized to take over certain restructured Eskom assets.” Those proposals form part of the committee’s broader strategy to help the economy recover from the impact of the coronavirus epidemic, which it said had highlighted SA’s inequalities. Indicating that monetary policy could do more to boost growth, the committee said SA needed “to deploy a wider range of pro-growth and pro-investment monetary policy instruments that are compatible with the reconstruction of an economy.” Notably there was no mention in the document of bankrupt SA Airways (SAA). While the Public Enterprises Ministry has backed rescuing the state-owned airline, the National Treasury has said it would be best to close it.
- Read the full original of the report in the above regard at Mining Weekly
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