South Africa Has No Political Will, Biggest Business Lobby Says

South Africa’s biggest business lobby criticized the government’s handling of the crisis at power utility Eskom Holdings SOC Ltd. and said it was unrealistic in its approach to the country’s growing debt burden, marking a sharp break with its largely silent approach to the nation’s economic malaise in recent years, Bloomberg News reported. In a letter sent to its members, and verified by Bloomberg with the organization, Business Unity South Africa expressed frustration with the delays in seeking a new chief executive officer for Eskom, which has more than $30 billion in debt, and with the decision to appoint Freeman Nomvalo as chief restructuring officer. It also warned that the government will need to seek a bailout from the International Monetary Fund unless it confronts its problems. Read more