# Eskom debt relief

- Link: https://dearsouthafrica.co.za/eskom-debt-relief/
- Published: 2023-04-08T16:51:55+02:00
- Author: dearSA

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### **13823 **comments delivered (closed Friday 19 May 2023)

### The The Select Committee on Appropriations (National Council of Provinces) invites the public to comment on the 2023 Eskom Debt Relief Bill.

    - to provide for a direct charge against the National Revenue Fund for debt 
      relief for Eskom Holding SOC Ltd, and to provide for matters incidental thereto.
    - The following amounts for the requirements of Eskom are direct charges against
      the National Revenue Fund and attributed to the vote of the National Treasury:
      (
      a) R78 billion for the 2023/24 financial year; (b) R66 billion for the 2024/
      25 financial year; and (c) R40 billion for the 2025/26 financial year.
    - The National Treasury must advance the amounts envisaged in subsection (1)
      as a loan to Eskom on the dates determined by the Minister.

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### The Bill

To provide for a direct charge against the National Revenue Fund for debt relief
for Eskom Holdings SOC Ltd and to provide for matters incidental thereto.

BE IT ENACTED by the Parliament of the Republic of South Africa, as follows:—

**Interpretation**
 1. In this Act, unless the context indicates otherwise— ‘‘**
Eskom**’’ means Eskom Holdings SOC Ltd; ‘‘**Minister**’’ means the Cabinet member
responsible for finance; and ‘‘**relevant Parliamentary Committees**’’ means the
Standing Committee on Appropriations of the National Assembly and the Select Committee
on Appropriations of the National Council of Provinces.

**Direct charges for requirements of Eskom**
 2. (1) The following amounts for the
requirements of Eskom are direct charges against the National Revenue Fund and attributed
to the vote of the National Treasury: (a) R78 billion for the 2023/24 financial 
year; (b) R66 billion for the 2024/25 financial year; and (c) R40 billion for the
2025/26 financial year. (2) (a) The National Treasury must advance the amounts envisaged
in subsection (1) as a loan to Eskom on the dates determined by the Minister. (b)
The Minister must determine conditions for the conversion of a portion or portions
of the amount of the loan for each financial year into ordinary shares issued by
Eskom to the State. (c) When the Minister informs Eskom, in writing, that he or 
she is satisfied that Eskom has met the conditions for the conversion of any portion
of the amount of the loan for a financial year, Eskom must issue ordinary shares
to the State equal to the value of the portion of the amount. (d) The Minister and
Eskom must, in writing, agree on— (i) the implementation of paragraphs (a) to (c);
and (ii) other arrangements to give effect to subparagraph (i). (e) The National
Treasury must, in its next quarterly report to the relevant Parliamentary Committees,
report on compliance with the conditions and disclose the amounts of the conversion.(
3) In addition to the amount envisaged in subsection (1)(c), for the 2025/26 financial
year, R70 billion of the debt of Eskom is a direct charge against the National Revenue
Fund through a debt takeover arrangement as determined by the Minister.

**Delegations and authorisations**
 3. (1) The Minister may— (a) delegate to an 
employee of the National Treasury any power conferred on the Minister in terms of
this Act; and (b) authorise an employee of the National Treasury to perform any 
duty imposed on the Minister in terms of this Act. (2) A delegation or authorisation
in terms of subsection (1)— (a) must be in writing; (b) is subject to any limitations
or conditions that the Minister may impose; (c) may authorise the employee contemplated
in subsection (1) to sub-delegate, in writing, the delegated power or authorised
duty to another suitable employee of the National Treasury; (d) does not divest 
the Minister of the responsibility concerning the exercise of the delegated power
or the performance of the authorised duty; and (e) may be withdrawn by the Minister
in writing. (3) The Minister may vary or revoke any decision taken by an employee
as a result of a delegation or authorisation in terms of subsection (1), subject
to any rights that may have vested as a result of the decision.

**Short title**
 4. This Act is called the Eskom Debt Relief Act, 2023.

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