BUDGET 2023 | Eskom debt relief plan has overshadowed financial woes of other SOEs

The huge R245bn debt relief plan that finance minister Enoch Godongwana announced for Eskom makes it easy to forget the financial straits that other state-owned entities find themselves in.

“Debt-service costs are projected to average R366.8bn annually over the medium term, reaching R397.1bn in 2025/26. These are resources that could otherwise be used to address pressing social needs or to invest in our future. “As a result, total liabilities, which consist mainly of borrowings, increased by 1.4%, from R850.6bn in 2020/21 to R862.8bn in 2021/22. Accordingly, net asset value for major state-owned companies increased by 10.9% to R417.6bn,” the Budget Review said.

Transnet will go to the market to raise funds after a $6bn bond sale programme in January. In 2022, it received two allocations of R2.9bn to assist with train maintenance and repairs to damaged rail infrastructure after last year’s flooding. The document said R5bn retained in the 2022/23 contingency reserve from the 2022 medium-term budget will be allocated to Land Bank “with conditions attached to its use”.

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BUDGET 2023 | Eskom debt relief plan has overshadowed financial woes of other SOEsThe massive debt relief plan that finance minister Enoch Godongwana announced for Eskom makes it easy to forget the debt crises that other state-owned companies find themselves in.
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