Cosatu Expects Its Eskom Plan to Be Completed Within Weeks

The Congress of South African Trade Unions expects a plan that it’s proposing to save Eskom Holdings SOC Ltd. from its debt burden to be ready within weeks, said the labor federation’s parliamentary coordinator, Bloomberg News reported. The labor group, an ally of the ruling African National Congress, has proposed using the state pension fund manager, the Public Investment Corp., and government-owned development finance institutions to cut the power utility’s debt by 254 billion rand ($16.3 billion) to 200 billion rand. The company’s dire finances have led to regular power cuts and stagnant economic growth. While there was initially some disagreement within Cosatu as some affiliate unions were concerned about the plan consultations have now been held, Matthew Parks, the coordinator, said. The matter was discussed at the Presidential Working Committee, which groups labor business and other stakeholders, on Monday, he said. Read more