Zimbabwe settles R588 million debt owed to Eskom after borrowing power

Zimbabwe settles R588 million debt owed to Eskom after borrowing power

- Zimbabwe's energy minister, Fortune Chasi, has revealed that his country has settled the R588-million debt owed South Africa’s Eskom Holdings SOC Limited

- He indicated that Zimbabwe is implementing measures to also settle debts owed Mozambique

- A spokesperson for Eskom has meanwhile assured Zimbabwe that it has an excess of 7 500 megawatts of energy available for use

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Zimbabwe has paid an amount of $33 million to South Africa’s Eskom Holdings SOC Limited.

This was confirmed by the country’s energy minister, Fortune Chasi, who added that the next country to be paid is Mozambique.

Chasi, per a report by Bloomberg, indicated that Zimbabwe is now in the position to request for additional power supplies.

Zimbabwe confirms payment of $33 million debt owed Eskom Holdings after borrowing power

Zimbabwe's president, Emmerson Mnangagwa Source: Africanfeeds.com
Source: UGC

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A spokesperson for Eskom revealed that the company is in the position to further provide power if Zimbabwe requests for it.

Sikonathi Mantshantsha, via a text message, explained that there is an excess capacity of about 7,500 megawatts available as a result of a lockdown that has been enforced in South Africa.

Meanwhile, finance ministers in Africa, have requested a $100 billion stimulus and a suspension of debt service payments.

The call, Briefly.co.za has learned, is part of a strategy to help the continent deal with the coronavirus.

Per a Reuters report, the sources for funding the debts include the World Bank, the International Monetary Fund (IMF) and the African Development Bank (AfDB)

It is expected that the proposed interest payment waiver would include interest payments on public debts as well as sovereign bonds.

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Source: Briefly.co.za

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