President Cyril Ramaphosa says Finance Minister Tito Mboweni will announce government measures to assist Eskom to stabilise its finances.
Ramaphosa was speaking in Parliament during his reply session to the debate on his State of the Nation Address.
He announced a Special Cabinet Committee to oversee the operations at Eskom and reassured MP’s that the un-bundling of the power utility is in no way a step towards privatisation.
Mboweni is due to deliver his budget speech next Wednesday.
The day after Parliament will have a special sitting for a debate on the troubles at the power utility amidst extreme loadshedding.
Ramaphosa says financial stability at Eskom is critical to the economy.
“In his budget speech next week the Minister of Finance will detail the measures that government will undertake to assist Eskom to stabilise its finances because doing so also means that we are stabilising the economy of our country. It represents a significant commitment at a time when public finances are severely constrained. It must therefore be accompanied by and must be dependent on a credible far reaching turnaround plan that has both an immediate and lasting impact.”
