Finance minister Tito Mboweni surprised the market in his medium-term budget policy statement (MTBPS) by announcing no new measures to restructure Eskom’s debt. Instead, he offered the troubled utility tough love, saying that he wanted to see reforms before it could get more financial support.

Eskom, which has R450bn of debt that it is unable to service, has said that it needs to be relieved of R250bn debt to be sustainable...

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